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May 24, 2023
Sirius XM Holdings Inc, Telefónica, S.A., NetEase, among others, are the communication_services stocks approaching important price targets.
A recap of yesterday's session: Leading equity indices in the US declined as S&P 500 closed at 4,145.58, a 1.12% change. Nasdaq shed 1.26% and closed at 12,560.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Check out this rundown of communication_services stocks and their price targets.
Sirius XM's price target: $3.49 | Last close: $3.53 | Daily range: $3.5 – $3.6 | Off hours: $3.53
An influx of sellers pushed the satellite and online radio company to end the session lower around $3.53, while establishing a $3.5 to $3.6 session range yesterday. Continuing its a 5 day bearish run (-8 cents), Sirius XM showed losses yesterday. Daily trading volume (16.87 million shares) increased, making up 104% of the 21-day average (16.26 million).
The satellite and online radio company has shed 45.55% over the past six months. The company's market cap currently stands at $13.66 billion with an average daily volume of 16.26 million shares. So far this year, it has been doing worse than the Nasdaq by 55.98%. Sirius XM expected revenue of $2.17 billion with an EPS of 7 cents.
Sirius XM is trending down and heading towards $3.49, which is only 4 cents away now. Hitting this support line might signal a change of direction.
Buyers pushing Telefonica towards its price target of $4.26; currently at $4.25
Pronounced bullish sentiment in the market helped the Spanish telecoms titan to make a notable 0.47% gain yesterday, rising 2 cents and ultimately closing at $4.25. Telefonica has increased a total of 7 cents over the past 9 days, with yesterday's session contributing to the uptrend. The day's trading volume totalled 496,978 shares — slightly below the 21-day average of 705,404.
The Spanish telecoms titan has recovered 34.29% since descending to a significant low of $3.15 around 7 months ago. The Spanish telecoms giant's market cap currently stands at $24.44 billion with an average daily trading volume of 705,404 shares. So far this year, it has been outperforming the Nasdaq by 0.09%.
Telefonica's recent run now faces a major challenge as concentrated supply is likely found at $4.26 with price action currently 1 cents away.
NetEase's price target: $82.86 | Last close: $83.77 | Daily range: $83.66 – $86.27 | Off hours: $83.63
After ending Monday at $88.53, NetEase dropped to $83.66 early in yesterday's session and closed at $83.77. In total, it lost 5.38%. NetEase has dropped $1.35 over the past 7 days; yesterday's session continued this downtrend. Daily trading volume (1.38 million shares) was slightly above the current multiday average of 1.12 million.
The Chinese Internet technology company is up 59.77% from the significant low of $55.41 it hit 6 months ago. The company has a market cap of $54 billion with an average daily volume of 1.12 million shares. So far this year, it has been under-performing the Nasdaq by 8.07%.
NetEase's downtrend might be halted by its support level at $82.86, which is only 91 cents away.
