NASDAQ: GEHC stock price fell by 3.21% through the week and by 15% over the month. On August 24, sellers were more active than buyers, draggin the price downwards.
On August 24, GE Healthcare Technologies Inc. stock opened at $69.64, lowering to $68.24; it hit a high of $69.79 and closed at $68.43 with an intraday trading volume of 2.623 Million. Trading volume shows selling pressure.
In the 52-week time frame, GEHC stock’s traded highest price was $87.83, and its lowest trading price was $87.83. GE Healthcare Technologies Inc. has an average market capitalization of $31.125 Billion and a share average trading volume of 2.807 Million.
At press time, GEHC’s share price was trading below its annual price target of $89.90. The annual price target is 31% greater than the press time trading price. GE HealthCare Technologies is the world’s 563rd most valuable company by market cap.
NASDAQ: GEHC Stock Price Analysis
Since July 24, 2023, strong selling momentum has been noticed.
GEHC’s stock price is stuck in the range between $67.90 and $69.76. If the stock price opens above its previous closing price on August 25, it might break the consolidating zone and surge.
If bears dominate in the coming session, then GEHC stock price might slip further and face immediate support of $63.66 and possibly the next support of $59.98.
If buyers get the chance to dominate sellers, then GEHC stock price might surge above $70 and face the immediate resistance of $72.35 followed by $74.88.
Before July 24, GE Healthcare Technologies Inc.’s share was trading above $80, and at press time, the company’s stock was trading below the 50-day and 200-day exponential moving averages.
TradingView states 392.011 Million GEHC shares are free-floating, and the remaining 62.797 Million shares are closely held by the company’s financial backers or the board of directors.
GE Healthcare Technologies Inc. Earnings & Revenue
In the first and second quarters of 2023, GE HealthCare Technologies impressed its investors with higher than expected revenue. In the financial year 2022, the company reported $18.34 Billion in revenue.
From the reported revenue for 2022, the company’s gross profit was 39%, earnings before interest, taxes, depreciation, and amortization (EBITDA) was 17%, earnings before interest and taxes (EBIT) was 14%, and its net income was 10%.
Technical Levels
Major Support: $63.66 and $59.98
Major Resistance: $72.35 and $74.88
Conclusion
On August 25, GEHC shares opened slightly below its previous closing price. At press time, stock prices were trading below 20-day and 50-day exponential moving averages. There is a possibility of witnessing immense buying volume on August 28, 2023.
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 assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/25/unusual-selling-volume-hurting-investors-gehc-stock-slips-3-21/