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March 02, 2023
Change of direction? DraftKings Inc., Tesla, H&R Block, Inc., among others, are approaching price targets.
Here's an update with information from the last trading session: Markets closed higher today, as Dow Jones closed the day at 33,000, having gained 1.05%. S&P 500 gained 0.76% and closed at 3,981.35.
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. Let's review some consumer_cyclical stocks and their price targets.
Buyers pushing DraftKings towards its price target of $18.82; currently at $18.58
DraftKings Inc.'s recent run now faces a major challenge as concentrated supply is likely found at $18.82 with price action currently 24 cents away.
DraftKings has posted further gains as part of a 4 day trend that has already seen the stock gain 13 cents. today's session pointed in the same direction — generally flat but with a slight bullish bias, DraftKings ranged between $17.83 and $18.64 before closing higher at $18.58. The day's trading volume totalled 10.38 million shares — under the 21-day average of 18.57 million.
Tesla (TSLA) Price target: $185.47 | Last price: $190.9 | Daily range: $186 – $193.72
After ending yesterday at $202.77, Tesla declined to $186 today before closing at $190.9, thereby losing 5.85% in total. Continuing its a 3 day bearish run (-$4.86), Tesla showed losses today. The day's trading volume totalled 180 million shares — slightly under the 21-day average of 189 million.
Tesla hit a significant low of $108.1 around a month ago, but has since recovered 87.58%. Tesla's market cap is currently $604 billion with an average daily volume of 189 million shares. The Nasdaq has been doing worse in 2022, it has been passing it by 78.86%. Tesla has a forecast of $24.16 billion with an EPS of 98 cents.
A convincing break of this target could pave the way for deeper losses.
H&R Block is trading at $36.36, its target level is $36.21
A persuasive break of this target could lead to higher losses.
H&R Block's downtrend has seen it decline 8.53% in 12 days today's session continued down the same path: an influx of sellers pushed the Canada-based tax company to session lows around $36.23 while establishing a $36.23 to $36.72 session range today. The day's trading volume totalled 852,431 shares — lower than the 21-day average of 1.52 million.
