Costco Wholesale Corporation is a company which has been seeing consistent growth . They provide high quality products at affordable prices. COST stock has become the household name among the investors. During the pandemic the company experienced an increase as consumers sought essentials in bulk which resulted in impressive performance of stocks. One of the Company ‘s unique strengths is its membership-based model. Costco has consistently showcased robust financial performance. They have also been expanding their footprint globally.
Costco’s recent quarter has seen an increase of 1.9% in the recent quarter. The net sales of the quarter is $52.6 Billion. The net income of the quarter is around $1.93 Billion with slight gain from the past year. The total membership fees of the company also recorded an increase. Meanwhile, the total assets of the company has also observed a slight growth in the current quarter. The total liabilities of the Costco has seen no changes in the current quarter.
Costco has a market cap of $230.6 Billion with a positive EPS. COST stock is just a few inches away from the 52-week high. It could record strong growth and cross $600 in the near future.
Is COST STOCK Price Bulls Ready For a Rally?
The weekly technical chart of the stock price suggests a weak upside recovery in the price. On the daily chart, it is trading near the value of $519 with a drop of 2% in the intraday session. The upside trend of COST can see a halt near the value of $550. Meanwhile, the downtrend in asset price can see a bounceback from $500. The stock price is trading above the 50 and 100 Daily Moving Averages. If the price goes down, then the 100 DMA can act as a support for the price. The RSI of the stock price is near 55 with a downward slope. The overall sentiment per the RSI is bearish.
Summary
Costco wholesale has observed a very slight growth in the revenue from past quarter COST stock price is currently in a weak recovery but can see a new high in future.
Technical Levels
Major Support:$500
Major Resistance:$550
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.
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/2023/06/22/will-cost-stock-price-see-a-growth-spurt-to-600-in-the-near-future/