The beginning of Manchester United (NYSE: MANU) stock price this year was not good as most of the time MANU stock showed bears’ potential strength. Due to this, the stock dropped 4.95% in YTD analysis while its recent six-month price slid over 17%. The loose investors’ confidence in Manchester stock price stayed as it is with the bearish market trend. This further showed a 5.44% price drop in one month.
As MANU stock price has shown a bearish trend this week as well, thus, it is quite tough to change its price towards a bullish trend. However, opposing the current market trend, Manchester stock needs increased bulls activity during the upcoming trading session.
MANU Stock Weekly Price Performance
In the recent week, MANU stock dropped 2.32% which rose 3.43% in the recent trading session on August 18, 2023, Friday. In Friday’s trading session, the stock price traded between $23.00 to $21.92, while it noted closing at $22.27. Meanwhile, this week, Manchester stock price noted a weekly high of nearly $24.41 whereas the low was nearly $22.10.
As the above chart shows, the recent closing price of MANU stock is nearing its 50-day moving average. On the other hand, its RSI has followed a downside graph. It seems like it is heading toward its oversold zone.
The analysts have set their price target for Manchester stock at $25.50, up by over 14% from the recent closing price of the stock. Their maximum estimate is resting at $26.00 whereas the minimum estimate is $25.00. In the past three months, analysts have given a “buy” rating to Manchester stock.
The Financials of Manchester United
Manchester United (NYSE: MANU) engages in the operation of a professional football club and has a net income of negative $6.74 Million in the recent Q2 2023. Its dividends are paid semi-annually and its last dividend per share was $0.09. Notably, at press time, the Dividend Yield (TTM)% is 0.39%.
The recent Q3 2022 earnings report of Manchester was negative as its earnings per share (EPS) is negative $0.09. However, the estimation was negative $0.05 which accounts for a negative 85.25% surprise. The revenue for a similar period amounts to $209.66 Million despite the estimated figure of $168.96 Million. For the upcoming quarter, the estimated EPS is negative $0.05 and the revenue is expected to reach $195.47 Million.
The revenue of Manchester for the last year amounted to $709.81 Million. Most of which — $342.67 Million — came from its highest performing source at the moment, “commercial”. Moreover, the United Kingdom has made the greatest contribution to the revenue figure that brought Manchester United to $775.14 Million last year.
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
Source: https://www.thecoinrepublic.com/2023/08/19/will-the-bearish-trend-in-manu-stock-price-change-its-way/