QUALCOMM Incorporated (NASDAQ:QCOM) is one of the best performers on the stock market today. At current price of $92.18, the shares have already added 2.2 points (2.44% higher) from its previous close of $89.98. Should you buy or avoid them? The stock sets an active trading volume day with a reported 7889058 contracts so far this session. QCOM shares had a relatively better volume day versus average trading capacity of 7.53 million shares, but with a 1.21 billion float and a 11.86% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for QCOM stock indicates that the average analyst price target is $79.35 per share. This means the stock has a potential decrease of -13.92% from where the QCOM share price has been trading recently which is between $88.32 and $92.5. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $47.24. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $135.
During the recent trading session for QUALCOMM Incorporated (NASDAQ:QCOM), the company witnessed their stock rise $8.59 over a week and surge $15.47 from the price 20 days ago. When compared to their established 52-week high of $92.5, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/11/19. The recent low of $49.1 stood for a -0.35% since 01/31/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.61 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for QCOM is set at $95, a figure which is above the recent 1-year high the stock witnessed.
Looking at the current readings for QUALCOMM Incorporated, the two-week RSI stands at 75.13. This figure suggests that QCOM stock, for now, is oversold, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current QCOM readings is similarly very revealing as it has a stochastic reading of 89.33% at this stage. This figure means that QCOM share price today is being oversold.
Technical chart claims that QUALCOMM Incorporated (QCOM) would settle between $92.21/share to $94.45/share level. However, if the stock price goes below the $88.03 mark, then the market for QUALCOMM Incorporated becomes much weaker. If that happens, the stock price might even plunge as low as $86.09 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 3.99. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Cowen lifted target price for shares of QCOM but were stick to Outperform recommendation for the stock in their opinion released on November 07. The price target has been raised from $80 to $100. Canaccord Genuity analysts again handed out a Buy recommendation to QUALCOMM Incorporated (NASDAQ:QCOM) stock but they lifted target price for the shares in a flash note issued to investors on November 07. The target price has been raised from $87 to $101. Analysts at RBC Capital Mkts, made their first call for the equity with a Sector Perform recommendation, according to a research note that dated back to July 22.
QCOM equity has an average rating of 2.38, with the figure leaning towards a bullish end. 25 analysts who tracked the company were contacted by Reuters. Amongst them, 13 rated the stock as a hold while the remaining 12 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 12 analysts rated QUALCOMM Incorporated (NASDAQ:QCOM) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, QCOM stock price is currently trading at 21.43X forward 12-month Consensus EPS estimates, and its P/E ratio is 25.1 while for the average stock in the same group, the multiple is 23.8. QUALCOMM Incorporated current P/B ratio of 20.9 means it is trading at a premium against its industry’s 4.7.