Zomato share price may remain bearish from Rs 268 to Rs 258 in next 3 days, know from which price bullish rally can come
Zomato’s share price has been a topic of significant interest among investors and market watchers. The stock has shown notable movement recently, reflecting broader trends in the food delivery sector and recent corporate developments.
Main Points
As of today, Zomato’s share price is ₹271.75, marking an increase of 1.53% from previous trading sessions. The stock reached a high of ₹280.90 on August 19, 2024, which is also its 52-week peak. In contrast, the lowest point in the past year was ₹96.50, recorded on September 12, 2023. This dramatic fluctuation highlights the volatility and potential of Zomato’s stock in the current market environment.
Recent Price Action and Performance
Over the last five trading sessions, Zomato shares have surged by approximately 15.5%. This upward momentum is attributed to several factors, including a successful acquisition of Paytm’s events and movies ticketing business, which has bolstered investor confidence. Major brokerage firms like JP Morgan and Jefferies have also revised their price targets upwards, reflecting a bullish outlook on Zomato’s future growth prospects.
Key Metrics
- Current Price: ₹271.75
- Previous Close: ₹267.00
- 52-Week High: ₹280.90
- 52-Week Low: ₹96.50
- Market Capitalization: ₹215,823.79 Crores
- P/E Ratio: 359.26
- Volume: 39,731,750 shares traded today.
Analyst Ratings and Predictions
Analysts have been optimistic about Zomato’s performance, especially after the recent strategic acquisition. JP Morgan has raised its target price for Zomato to ₹340, while Jefferies has set a base case target of ₹335, citing Zomato’s potential to lead the market in quick commerce and food delivery services. These ratings are based on expected revenue growth and enhanced operational efficiencies following the acquisition.
Broader Market Context
The overall market has seen fluctuations, with Zomato’s performance closely tied to broader economic indicators and consumer trends. Recent reports indicate that quick commerce platforms are gaining traction, which may benefit Zomato as it continues to expand its services across major metropolitan areas. The company’s focus on convenience and selection is expected to drive further growth in its delivery revenue, with projections suggesting a 20% compound annual growth rate (CAGR) over the next few years.
Acquisition of Paytm’s Ticketing Business
The acquisition of Paytm’s entertainment ticketing business is a significant strategic move for Zomato. This deal not only diversifies Zomato’s service offerings but also positions it to capture a larger share of consumer spending in the entertainment sector. The integration of ticketing services with food delivery is expected to enhance customer engagement and retention, potentially leading to increased revenue streams.
Future Outlook
Looking ahead, Zomato’s stock is likely to be influenced by its ability to integrate the new business effectively and capitalize on the growing demand for quick commerce. The company’s innovative approaches in food delivery and customer service will be crucial in maintaining its competitive edge in a rapidly evolving market.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
