Hershey Co. (NYSE: HSY), an American multinational company, has a market cap of approximately $50.83 Billion. According to Yahoo Finance, the U.S.-based business news platform, Vanguard Group, Inc. (The), Blackrock Inc., and State Street Corporation are the company’s top-3 institutional holders, holding 79% of Hershey Co.’s shares.
Hershey Co. released its first quarter 2023 earnings and revenue report on April 27, 2023, which was positive. As per its Q1 2023 report, its earnings per share (EPS) were $2.96, whereas the estimation was $2.68, which accounts for a 10.30% surprise. Additionally, the revenue amounted to $2.99 Billion despite the estimated figure of $2.91 Billion.
For the upcoming quarter, the estimated EPS are $1.93, while revenue is expected to reach $2.53 Billion.
Moreover, the Hershey Company revenue amounted to $10.42 Billion last year, most of which around $8.54 Billion came from its highest performing source at the moment, North America Confectionery. Notably, the greatest contribution to the revenue figure was made by the United States bringing it nearly $9.12 Billion, last year.
HSY Stock Price Analysis
According to TradingView, a web-based social network for traders, Hershey Co. stock closed at $248.68 on June 29, yesterday. The stock price showed a nearly 0.36% decline yesterday, continuing the bearish trend from last month. HSY stock opened at the price of $248.26, gave high at $249.69, while low was $246.67.
As seen in the above price analysis chart, the HSY stock price is showcasing massive dominance by the active bears in the market. Due to this, the RSI of the stock followed a downside track that took its price near to the oversold zone. However, as per its recent closing price, it dropped down from its 100-day moving average.
The 1-year price target set by analysts is at $276.99, which is nearly 11% up from the recent closing price of stock. Meanwhile, their maximum estimate is at $310.00 and minimum estimate is at $252.00.
It can be seen that when the company released its recent quarter report, the stock price traded nearly above the price of $263.00. It now dropped down, while showing the dominance of active bears. As of now, the HSY stock is demanding an upside push from the active bulls in the market who can take its price upside.
Disclaimer
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/30/hershey-co-hsy-stock-indicating-bearish-trend-since-1-month/