SPG) Stock Weekly Price Analysis

Simon Property Group Inc. (NYSE: SPG), an American real estate investment trust, has a market cap of nearly $37.76 Billion. Earlier in May 2023, the company reported its Q1 2023 reports stating its earnings per share were $1.38, whereas the estimation was $1.44 which accounts for a negative 4.17% surprise.

Additionally, the revenue for the same period amounted to $1.35 Billion despite the estimated figure of $1.26 Billion. For the upcoming quarterly reports, the estimated earnings per share for the next quarter are $1.56, while revenue is expected to reach $1.26 Billion.

The revenue amounted to $5.29 Billion last year, most of around $5.29 Billion came from its highest performing source at the moment, Real Estate Investment Trust. The greatest contribution to the revenue figure was collected from the U.S. as last year it brought Simon Property Group Inc. $5.11 Billion.

SPG Stock Weekly Price Analysis

According to Tradingview, a web-based social network for traders, SPG stock price closed at $115.48 on June 30, 2023, Friday. The opening price of the stock was $116.24, high was $116.86, while low was $113.96 on this Friday. As per its weekly price analysis, the stock added $7.92 and gained nearly 7% price, while traded in between the price range of $107.56 to $116.29 this week.

As the above price chart shows, SPG stock price traded above its 200-day moving average, while experiencing quite good trading volume since the last 1-month. The bullish surge in the stock price took its RSI near to the overbought zone, which further indicated bulls confidence in the stock.

As per the analysts forecast, they are offering a 1-year price for Simon Property Group which has a maximum estimate at $160.00, while minimum estimate is at $106.00. Additionally, their price target is at $130.07, which is up more than 12% from the recent closing price of stock.

The weekly price analysis may show a bullish trend followed by SPG stock, but its continuity in the upcoming week can’t be predicted. However, since the last 1-month the stock price is following an upside track, which further would require potential support from the active bulls in the market.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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