Read up on DoorDash, Inc., Verizon, Zoom as they approach key price targets in the near term.
Here's the most recent update: The leading indices are falling — Nasdaq slipping 0.94% and closing at 10,800. S&P 500 slipping 0.66% and closing at 3,830.53.
What is a Price Target?
A price target is the projection of an asset's future price. The concepts of trading levels support and resistance are undoubtedly two of the most highly discussed attributes of technical analysis. These price rates, or targets, are used by traders to refer to price levels on charts that tend to act as barriers, preventing the price of an asset from getting pushed in a certain direction. Assets that are on a trend and are nearing one of their lines are selected for this article. Take a look at these communication services stocks and their price targets.
Buyers pushing DoorDash towards its price target of $46.95; currently at $45.9
As the end of the session approaches, a small gain for DoorDash at $45.9 after ranging between $44.63 and $47.36 today.
DoorDash reached a significant high of $245.97 around 11 months ago but has lost 81.66% since then. DoorDash's market cap currently stands at $17.10 billion with an average daily volume of 5.47 million shares.
DoorDash's run now faces a challenge at $46.95, which is only $1.05 away and will be interesting to follow.
DoorDash is scheduled to announce earnings results tomorrow. The consensus EPS estimate is -0.6 and the consensus revenue estimate is $1.63 billion.
Buyers pushing Verizon towards its price target of $37.87; currently at $37.72
From an earlier low of $37.16, the broadband and telecommunications company is on track to end the session around $37.72 after gaining 35 cents compared to last trading session's $37.37 (0.94%). Today's gains are adding to Verizon's an 8 day bullish trend, during which it gained a total of $2.
After hitting an important low of $35.35 approximately 12 days ago, the information and entertainment services company has bounced back 5.71% since. Verizon is currently trading with a market cap of $158.42 billion with an average daily trading volume of 27 million shares. So far in 2022, it has been under-performing the Dow by 16.7%. Verizon is forecasted to generate revenues of $33.78 billion and EPS of $1.29.
Verizon's recent run now faces a major challenge as concentrated supply is likely found at $37.87 with price action currently 15 cents away.
Zoom now at $81.92 | Forthcoming price target: $1.44 lower at $80.48
As the session draws to a close, the video communications platform provider is recovering but is not all the way back to $82.89 after dipping down to $81.2 today. Today's fall comes after a 13 day uptrend, during which Zoom added 13.32% to its value
Zoom hit a significant low of $72.29 around 19 days ago, but has since recovered 14.66%. Zoom has a market cap of $24.38 billion with an average daily trading volume of 3.33 million shares. So far in 2022, it has been doing worse than the Nasdaq by 9.63%. Zoom's last revenue report was $1.1 billion with an EPS of $1.05.
Zoom's run now faces a challenge at $80.48, which is only $1.44 away and will be interesting to follow.