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June 11, 2023
Pay attention to the following communication_services stocks approaching critical price targets: Activision Blizzard, LegalZoom.com, Inc., Zoom are the ones to watch.
Friday's session summary: Leading equity indices in the US rose as Dow Jones gained 0.13% and closed at 33,877. Nasdaq closed the day at 13,259, having gained 0.16%.
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.
Blizzard's Price target: $80.72 | Last close: $80.38 | Daily range: $79.96 – $80.69 | Off hours: $80.35
After ending Thursday's session at $80, Activision Blizzard went up to $80.69 Friday only to fall back and close at $80.38. Friday's gains added to Blizzard's 11 days uptrend, during which it increased a total of $2.88. Friday's trading volume was 5.79 million shares which is slightly under the 21-day average of 6.34 million.
Over the past a month, the interactive entertainment content and services provider has retreated 7.75% from a noteworthy peak of $86.74. Currently, the gaming company has a market capitalization of $63.19 billion with an average daily volume of 6.34 million shares. So far this year, it has been doing worse than the Nasdaq by 17.13%. Blizzard expected revenue of $1.79 billion with an EPS of 51 cents.
Blizzard's run now faces a challenge at $80.72, which is only 34 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
LegalZoom's price target: $12.14 | Last close: $12.24 | Daily range: $12.23 – $12.55 | Off hours: $12.24
LegalZoom is trending down and heading towards $12.14, which is only 10 cents away now. Hitting this support line might signal a change of direction.
LegalZoom's bearish run has lasted 4 days so far (-30 cents). Friday's session continued down the same path: grinding lower but with no clear-cut direction, the online legal services provider closed the session at $12.24 after forming a distinct $12.23 – $12.55 range. The day's trading volume totalled 671,910 shares — lower than the 21-day average of 1.43 million.
Zoom's price target: $66.21 | Last close: $67.14 | Daily range: $66.6 – $68.84 | Off hours: $67.13
$66.21 is only 93 cents away for Zoom and might put a stop to its current downtrend.
Zoom is on a 4 day downtrend with a marginal improvement upon Friday's session, although Zoom increased from $66.74 to $68.84, the stock dropped back and is now priced at $67.14. Friday's trading volume was 4 million shares which is slightly under the 21-day average of 5.25 million.
