What Does 2024 Hold For ST Microelectronics (NYSE:STM)?

ST Microelectronics (NYSE:STM) price on current trading day, fall -2.08% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $28.24.

A look at the stock’s price movement, the close in the last trading session was $28.84, moving within a range at $28.1 and $28.635. The beta value (5-Year monthly) was 1.264 while the PE ratio in trailing twelve months stood at 8.78. Turning to its 52-week performance, $51.27 and $27.44 were the 52-week high and 52-week low respectively. Overall, STM moved -5.17% over the past month.

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ST Microelectronics’s market cap currently stands at around $25.27 billion, with investors looking forward to this quarter’s earnings report slated for in November. The company has a Forward Dividend ratio of 0.30, with its dividend yield at 1.06%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report.

Analysts have a consensus estimate of 3.25B for the company’s revenue for the quarter, with a low and high estimate of 3.22B and 3.25B respectively. The average forecast suggests down to a -26.70% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 13.39B, representing a -22.50% decline on that reported in the last financial year.

Turning to the stock’s technical picture we see that short term indicators suggest on average that STM is a 100% Sell. On the other hand, the stock is on average a 100% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell category.

6 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 3 analyst(s) rate the stock as a Hold, 3 recommend STM as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

STM’s current price about -1.32% and -6.39% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 43.23, while 7-day volatility ratio is 2.22% and 2.26% in the 30-day chart. Further, ST Microelectronics (STM) has a beta value of 1.57, and an average true range (ATR) of 0.97. Analysts have given the company’s stock an average 52-week price target of $47.9, forecast between a low of $42 and high of $65. Looking at the price targets, the low is -48.73% off current price level while to achieve the yearly target high, price needs to move -130.17%. Nonetheless, investors will most likely welcome a -69.62% jump to $47.9 which is the analysts’ median price.

If we refocus on ST Microelectronics (NYSE:STM), historical trading data shows that trading volumes averaged 4.42 over the past 10 days and 4.63 million over the past 3 months. The company’s latest data on shares outstanding shows there are 902.77 million shares.

The 0.00% of ST Microelectronics’s shares are in the hands of company insiders while institutional holders own 7.08% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 11.04 million on 2024-09-13, giving us a short ratio of 2.44. The data shows that as of 2024-09-13 short interest in ST Microelectronics (STM) stood at 170.00000000000003 of shares outstanding, with shares short rising to 6.61 million registered in 2024-08-15. Current price change has pushed the stock -43.67% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the STM stock continues to rise going into the next quarter.

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