Read up on The Hain Celestial Group, Inc., Freshpet, Inc., Conagra Brands Inc as they approach key price targets in the near term.
A recap of yesterday's session: Leading equity indices in the US declined as S&P 500 lost 1.79% and ended the session at 3,999. Dow Jones shed 1.4% and closed at 33,947.
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 consumer staples stocks and their price targets.
Hain Celestial's price target: $17.93 | Last close: $18.21 | Daily range: $18.11 – $18.86 | Off hours: $18.21
The Hain Celestial Group, Inc. is eyeing the $17.93 support line.
Pronounced bearish market sentiment ensured that the US natural food supplier made a notable 3.75% loss yesterday, declining 71 cents and ultimately closing at $18.21. Yesterday's trading volume was 591,168 shares which is below the 21-day average of 1 million.
Freshpet's price target: $58.76 | Last close: $60.82 | Daily range: $59.24 – $63.84 | Off hours: $60.82
A persuasive break of this target could lead to higher losses.
Over the last 4 days, Freshpet has fallen 9.25%. yesterday's session continued the recent downtrend: after ending Friday at $63.95, Freshpet dropped to $59.24 early in yesterday's session and closed at $60.82. In total, it lost 4.89%. Daily trading volume (639,741 shares) increased, making up 128% of the 21-day average (498,186).
Buyers pushing Conagra towards its price target of $38.51; currently at $38.25
After dipping down to $37.55, Conagra Brands regained earlier losses and reaches $38.25. Yesterday's gains added to Conagra Brands's 15 days uptrend, during which it increased a total of $4.16. The day's trading volume totalled 3.26 million shares — slightly under the 21-day average of 3.37 million.
A day ago the Chicago-based packaged goods company reached a significant high of $38.25 but has consequently lost 0.34% since then. Conagra's market cap currently stands at $18.33 billion with an average daily trading volume of 3.37 million shares. So far in 2022 it has been beating the S&P 500 by 31.94%. Conagra last reported revenue of $2.9 billion with an EPS of 57 cents.
Conagra Brands's run now faces a challenge at $38.51, which is only 26 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.