Costco stock outperformed the market with its all-time price showing over 11,000% of growth, which is still in its continuous phase. The stock has shown massive growth because of the increased interest of investors in the company. Costco Wholesale Corporation works in the retail trade, and is headquartered in Issaquah, a city in Washington State.
Costco Stock Price Analysis
As Costco (NASDAQ: COST) stock price showed a bullish outlook, its recent week surge was just 0.52% which added $2.72 in its trading price. The stock closed at $520.97 by 0.71% of price gain on June 12th, Monday. The stock opened at $517.28, gave high at $521.27, and noted low at $516.00.
Notably, with the small price gains, the stock was able to show an all-time bullish trend. As in the recent one month, COST stock rose nearly 4%, while the year-to-date (YTD) growth is over 13%.
As shown in the above price-chart, COST stock price surpassed the 20-day moving average and traded above the price range of $520.00. On the other hand, the recent price performance of the stock took its price towards the overbought zone. This,again, showed investor’s confidence in the company.
However, late in May, Costco Wholesale Corporation reported its Q3 2023 earnings and revenue reports which were not positive. The company’s EPS for the last quarter was $2.93, whereas the estimation was $3.29; thereby, accounting for a -10.86% surprise.
The revenue for the same period also amounts to $53.65 Billion despite the estimated figure of $54.53 Billion. The estimated EPS for the next quarter are $4.76, and revenue is expected to reach $78.01 Billion. The company has nearly $230.86 Billion of market cap, while the net income of the previous quarter was $1.30 Billion.
The one year price target the analysts have set for COST stock is at $544.48, which is up more than 4%. The maximum estimate is at $610.00, while the minimum estimate is at $465.00.
Last year, Costco Wholesale Corporation’s revenue amounted to $226.95 Billion, with most of the revenue amount of around $85.63 Billion, coming from its highest performing source at the moment, Food and Sundries. The United States was the biggest contribution to the revenue figure as last year it brought the company $165.29 Billion.
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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/2023/06/13/costco-stock-following-bullish-trend-in-all-time-price-analysis/