Read up on Darling Ingredients Inc., Conagra Brands Inc, Village Farms International, Inc. as they approach key price targets in the near term.
Here's an update with information from the last trading session: Markets did not have a clear cut direction — after dropping 0.56%, Dow Jones closed at 34,400. Nasdaq closed 11,482 after a stable day.
What is a Price Target?
A price target is the projection of an asset's future price. Support and resistance lines are important components of technical analysis used in predicting a price target because they prevent an asset from being pushed beyond a certain limit. When an asset drops in value it nears its support line, and when it increases in value it comes closer to its resistance line. Assets that are on a trend and are approaching one of their lines are selected for this article. Let's review some consumer staples stocks and their price targets.
Darling Ingredients's price target: $69.45 | Last close: $64.6 | Daily range: $64.59 – $72.6 | Off hours: $64.6
After ending Wednesday at $71.83, Darling Ingredients Inc. dropped to $64.59 early in yesterday's session and closed at $64.6. In total, it lost 10.07%. Daily trading volume (4.22 million shares) increased, making up 232% of the 21-day average (1.81 million).
The animal food manufacturing company is now trading 12.95% below its 3-month high of $87.18. Darling Ingredients's market cap currently stands at $10.35 billion with an average daily trading volume of 1.81 million shares. The Nasdaq has been doing worse in 2022, it has been passing it by 31.13%. $1.75 billion was Darling Ingredients's last reported revenue with $1.17 being the current EPS.
Bearish run for Darling Ingredients is facing a possible turning point at $69.45, which is only $4.85 away. If this support line fails to hold, the next target will be at $67.07.
Conagra Brands's price target: $37.16 | Last close: $37.83 | Daily range: $37.66 – $38.29 | Off hours: $37.83
Conagra could begin to recover as it approaches significant support, now 67 cents away from $37.16. Dipping below could be an indication that further losses are ahead.
Though in the midst of a 12 day uptrend, gaining a total of 11.4%, ($4), yesterday's session suggests run might be coming to an end — grinding lower but with no clear-cut direction, the Chicago-based packaged goods company closed the session at $37.83 after forming a distinct $37.66 – $38.29 range. The day's trading volume totalled 1.97 million shares — below the 21-day average of 3.46 million.
Village Farms adds 13 cents to break above resistance ceiling at $2.05
Village Farms broke through the $2.05 resistance, climbing 6 cents above it.
Bullish sentiment helped the consumer packaged goods provider to hammer out a noteworthy $1.97 to $2.11 range yesterday, and finally closing at $2.11 to end the session. The volume of trade was 713,910 shares, close to the daily average of 711,568 shares.