Coca-Cola Company stock price surged nearly 1.45% intraday on Friday and closed at $53.14. Friday’s price hike broke a losing streak of almost eleven intraday sessions. The KO stock price is down 5.34% a week and down by over 9.35% in a month.
The price trend analysis demonstrates that the stock price has been in a free fall in the current quarter with some halt near the key supports. The KO stock price fell from a high of $63 to currently trading at $53.14 and lost over 15% in a single quarter.
Currently, the stock price is nearing a major support zone of $50 which might halt the free fall and the stock price may turn around. The beverage giant holds strong fundamentals with a market capitalization of $229.79 Billion. The PE ratio is 21.65 and earnings-per-share is 2.43. The strong fundamentals might attract more long-term investors as the price is discounted.
Moreover, the Coca-Cola company has a dividend yield of over 3.42% which might attract more dividends. Investors enter the market as the price is discounted.
Coca-Cola stock derivatives data analysis states that the current implied volatility in the market is 22.58% with a decrement of 1.91% in the last trading session. The at-the-money strike price has 5280 open contracts on the PUT side and 2240 open contracts on the CALL side indicating the complete dominance of buyers at the CMP.
Coca-Cola Stock Price Forecast For 2023
The average analyst price target for Coca-Cola stock in 2023 is $69.72, which represents a potential upside of 31.20% from the current price. However, there is a wide range of analyst price targets between $63 to $76.
The most optimistic analysts believe that Coca-Cola stock could reach $76 in 2023 with an upside potential of 43.02% if the global beverage demand grows strongly and Coca-Cola is able to successfully come up with new products.
Technical Indicators Signal Strong Selling Prevails
The overall technical indicators including RSI and MACD opinion rating for the KO stock is an 80% “sell” with a strong short-term outlook on maintaining the current trend.
Conclusion
Coca-Cola stock price fell 15% in the third quarter and broke a losing streak of 11 sessions on Friday. The stock is near a major support zone of $50 and has strong fundamentals and dividend yield. The average analyst target is $69.72, with a maximum potential of $76. Coca-Cola stock derivatives data shows more buyers than sellers at the current price. The stock may rebound if the global beverage demand increases and Coca-Cola launches new products.
Technical Levels
- Support Levels: $52.44 and $51.13
- Resistance Levels: $54.95 and $57.09
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 or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/07/coca-cola-stock-slumps-10-is-it-the-right-time-to-buy/