Zomato shares up 120% this year, hit record high today; what's next?
Multibagger stock: The Zomato stock surged 5% to a record high of Rs 281.40 against the previous close of Rs 267.60 on BSE.
- Sep 11, 2024,
- Updated Sep 11, 2024 3:25 PM IST
Shares of online food delivery firm Zomato Ltd hit record high, rising for the fifth straight session on Wednesday. The multibagger stock rose 17% in five sessions. In the current session, the stock surged 5% to a record high of Rs 281.40 against the previous close of Rs 267.60 on BSE.
However, the Zomato stock is still trading away from the overbought zone, indicates its RSI of 63.8. A RSI above 70 signals the stock has entered overbought zone.
The Zomato stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
In terms of returns, Zomato stock has gained 120% this year and risen 170% in a year.
It has seen very less volatility in the last one year with a beta of 0.7. The stock has a high price to book ratio of 10.37. It has a PE ratio of 150.93.
The stock has a book value per share of Rs 25.80.
In the current session, Zomato shares opened higher at Rs 268.50. A total of 50.22 lakh shares of Zomato changed hands amounting to a turnover of Rs 138.57 crore on BSE. The market cap of the firm rose to Rs 2.39 lakh crore on Tuesday.
Pravesh Gour, Senior Technical Analyst at Swastika Investmart has a hold call on the stock with a price target of Rs 280-300. One can fix a stop loss of Rs 240.
"Zomato is in a strong uptrend where it is breaking out of Flag formation. It created a strong base around their breakout level at Rs 240; however, Rs 280 is an immediate resistance where it may see some pause, but above this, it is likely to head towards Rs 300 levels. On the downside, Rs 240 is major support at any correction, while Rs 220 is the next critical demand level. MACD and RSI are supporting the strength of the current movement."
The stock seen a major rally since global JPMorgan raised its target price on the stock to Rs 340 from Rs 208 earlier.
The brokerage raised its forecasts by 15-41 per cent for FY25-27, saying the online food aggregator was spearheading rapid retail consumer transformation via convenience and selection-focused quick commerce.
Zomato was going deeper across all Metros having proven the model in NCR and that its scale should help it drive monetisation from channel margins and ad spending, added the brokerage.
Last week, CLSA also raised its price target from Rs 350 to Rs 353. The brokerage said Zomato was its top pick in India consumer due to its rapid growth and Blinkit’s market share.
Shares of online food delivery firm Zomato Ltd hit record high, rising for the fifth straight session on Wednesday. The multibagger stock rose 17% in five sessions. In the current session, the stock surged 5% to a record high of Rs 281.40 against the previous close of Rs 267.60 on BSE.
However, the Zomato stock is still trading away from the overbought zone, indicates its RSI of 63.8. A RSI above 70 signals the stock has entered overbought zone.
The Zomato stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
In terms of returns, Zomato stock has gained 120% this year and risen 170% in a year.
It has seen very less volatility in the last one year with a beta of 0.7. The stock has a high price to book ratio of 10.37. It has a PE ratio of 150.93.
The stock has a book value per share of Rs 25.80.
In the current session, Zomato shares opened higher at Rs 268.50. A total of 50.22 lakh shares of Zomato changed hands amounting to a turnover of Rs 138.57 crore on BSE. The market cap of the firm rose to Rs 2.39 lakh crore on Tuesday.
Pravesh Gour, Senior Technical Analyst at Swastika Investmart has a hold call on the stock with a price target of Rs 280-300. One can fix a stop loss of Rs 240.
"Zomato is in a strong uptrend where it is breaking out of Flag formation. It created a strong base around their breakout level at Rs 240; however, Rs 280 is an immediate resistance where it may see some pause, but above this, it is likely to head towards Rs 300 levels. On the downside, Rs 240 is major support at any correction, while Rs 220 is the next critical demand level. MACD and RSI are supporting the strength of the current movement."
The stock seen a major rally since global JPMorgan raised its target price on the stock to Rs 340 from Rs 208 earlier.
The brokerage raised its forecasts by 15-41 per cent for FY25-27, saying the online food aggregator was spearheading rapid retail consumer transformation via convenience and selection-focused quick commerce.
Zomato was going deeper across all Metros having proven the model in NCR and that its scale should help it drive monetisation from channel margins and ad spending, added the brokerage.
Last week, CLSA also raised its price target from Rs 350 to Rs 353. The brokerage said Zomato was its top pick in India consumer due to its rapid growth and Blinkit’s market share.