Pay attention to the following communication services stocks approaching critical price targets: PT Telkom Indonesia, The New York Times Company, IAC/InterActiveCorp are the ones to watch.
Friday's session summary: Markets completed a mixed session Friday, as Nasdaq lost 0.18% and ended the session at 11,461. S&P 500 was down 0.12% before closing the session at 4,071.7.
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. Check out this rundown of communication services stocks and their price targets.
Buyers pushing PT Telkom towards its price target of $25.77; currently at $25.62
An influx of buyers helped the telecommunications company to end the session higher around $25.62, while establishing a $25.16 to $25.62 session range Friday. PT Telkom has increased a total of 34 cents over the past 5 days, with Friday's session contributing to the uptrend. Daily trading volume (376,159 shares) increased, making up 155% of the 21-day average (242,634).
The government-owned telecoms provider is now trading 15.57% below its 3-month high of $32.96. The company has a market cap of $25.38 billion with an average daily trading volume of 242,634 shares. The Nasdaq has been doing worse in 2022, it has been passing it by 25.74%.
PT Telkom's run now faces a challenge at $25.77, which is only 15 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
The New York Times's price target: $35.21 | Last close: $35.41 | Daily range: $35.34 – $35.87 | Off hours: $35.41
$35.21 is only 20 cents away for the New York Times and might put a stop to its current downtrend.
Having fallen 64 cents in 3 days, Friday's session continued down the same path: after ending Thursday at $36, the New York Times dropped to $35.34 early in Friday's session and closed at $35.41. In total, it lost 1.67%. Friday's trading volume was 699,889 shares which is under the 21-day average of 1.19 million.
IAC/InterActiveCorp's Price target: $53.97 | Last close: $52.92 | Daily range: $50.1 – $53.09 | Off hours: $52.92
IAC/InterActiveCorp went up to $52.92 Friday after ending Thursday at $52.47. Overall, a 0.86% move or 45 cents. Friday's gains added to IAC/InterActiveCorp's bullish trend that has lasted for 9 days so far, during which it increased a total of $6.73. The day's trading volume totalled 891,314 shares — under the 21-day average of 1.36 million.
The US multi-brand enterprise is up 19.6% from the significant low of $43.87 it hit 26 days ago. IAC/InterActiveCorp is currently trading with a market cap of $4.40 billion with an average daily volume of 1.36 million shares. So far in 2022, it has been under-performing the Nasdaq by 23.28%. IAC/InterActiveCorp last reported revenue of $1.30 billion with an EPS of -74 cents.
IAC/InterActiveCorp's recent run now faces a major challenge as concentrated supply is likely found at $53.97 with price action currently $1.05 away.