Alphabet Inc. (GOOG Stock) rallied around 37% YTD, trading fairly well against competitors, and the AI frenzy is helping the price action. Currently, the United States stocks are expecting some turbulence, and analysts are awaiting the outcome of the Federal policy meeting ending on June 14, 2023.
The market is very concerned about the outcome of the two days’ meeting starting on June 13. It is speculated that the meeting could affect the U.S. stock market. Feds might skip increasing the interest rates, thanks to a weakened economy and fading inflation.
Alphabet Inc. (GOOG Stock) – Financial Analysis
At press time, GOOG’s share price was $122.87, with a slight jump of 0.16%. Previous close and open were at $122.67 and $122.56, respectively. The 52-week change comes with a gain of 14.96%. With an average volume of 29.58 Million shares, the tech giant’s market cap stands strong at $1.623 Trillion.
Looking at its competitors, Meta Platforms Inc.’s share price (NASDAQ: META) is $264.95, with a jump of 0.14%; Alphabet Inc Class A’s (NASDAQ: GOOGL) share price is $122.23, with a hike of 0.74%; Nvidia Corp’s (NASDAQ: NVDA) share price is $387.70, gaining 0.68%. Furthermore, the analysts provided a 2.94 rating for moderate buy and placed the price target at $132.80 with an upside of 8.1%.
Concerning March 2023 data, the revenue in the quarter showed a gain of 2.61% to $69.79 Billion, while the trailing twelve-month (ttm) revenue is $284.61 Billion. The revenue per share is reported to be $21.97, while the quarterly revenue growth is 2.60% year-over-year (YoY). The basic EPS is $4.52, and the P/E ratio is 27.69.
The last earnings were reported on April 25, 2023, with a revenue of $69.787 Billion. It was estimated to be $68.887 Billion, thus demonstrating a surprise of $900 Million and a jump of 1.31%. The company’s operating expenses swelled by 18.79% to $21.76 Billion, while the operating margin (ttm) grew by 25.35%.
Total cash in hand at the end of the most recent quarter (mrq) is $115.1 Billion, and the total debt at the same time-lapse is $29.49 Billion. Alphabet Inc’s gross profit is $156.63 Billion, and EBITDA is reported to be $87.5 Billion.
GOOG Stock – Candle Exploration
GOOG’s share price was consolidating in a narrow range before the recent breakout. The slightly upward-moving trajectory of EMA and the stronger position of the RSI hints that momentum could be sustained. However, a drop in previous sessions suggests consolidation below R1 before trying to reach R2.
The price shall bounce off immediate resistance or from S1 as it appears to be more substantial support. Overall, the Fed’s policy meeting will be crucial in determining future trends.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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/2023/06/12/alphabet-inc-goog-stock-fed-meeting-could-alter-the-rally/