Is Newell Brands Inc. (NASDAQ) Bullish Or Bearish In 2023?

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Newell Brands Inc. (NASDAQ:NWL) shares, rose in value on Friday, June 16, with the stock price down by -3.10% to the previous day’s close as strong demand from buyers drove the stock to $8.27.

Actively observing the price movement in the recent trading, the stock is buoying the session at $8.54, falling within a range of $8.28 and $8.555. The value of beta (5-year monthly) is 0.94. Referring to stock’s 52-week performance, its high was $21.55, and the low was $8.02. On the whole, NWL has fluctuated by -8.16% over the past month.

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With the market capitalization of Newell Brands Inc. currently standing at about $3.60 billion, investors are eagerly awaiting this quarter’s results, scheduled for Jul 27, 2023 – Jul 31, 2023. The company’s Forward Dividend Ratio is 0.28, with its dividend yield at 3.28%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.14, which is expected to increase to $0.54 for fiscal year $0.97 and then to about $1.25 by fiscal year 2024. Data indicates that the EPS growth is expected to be -38.20% in 2024, while the next year’s EPS growth is forecast to be 28.90%.

Analysts have estimated the company’s revenue for the quarter at $2.16 billion, with a low estimate of $2.12 billion and a high estimate of $2.18 billion. According to the average forecast, sales growth in current quarter could jump down -14.60%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $8.49 billion, representing a decrease of -10.20% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that NWL’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of NWL currently trading nearly -4.24% and -18.49% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 36.09, while the 7-day volatility ratio is showing 3.83% which for the 30-day chart, stands at 4.36%. Furthermore, Newell Brands Inc. (NWL)’s beta value is 0.95, and its average true range (ATR) is 0.39. The company’s stock has been forecasted to trade at an average price of $13.33 over the course of the next 52 weeks, with a low of $9.00 and a high of $20.00. Based on these price targets, the low is -8.83% off current price, whereas the price has to move -141.84% to reach the yearly target high. Additionally, analysts’ median price of $12.50 is likely to be welcomed by investors because it represents a decrease of -51.15% from the current levels.

A comparison of Newell Brands Inc. (NWL) with its peers suggests the former has fared considerably weaker in the market. NWL showed an intraday change of -3.10% in today’s session so far, and over the past year, it shrunk by -55.80%%. In comparison, The Procter & Gamble Company (PG) has moved higher at 0.94% today and is up 13.09% over the past 12 months. Additionally, there is a gain of 0.06% for Emerson Electric Co. (EMR) in recent trading while the stock has seen an overall depriciation of 3.07%% over the past year. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 0.04%. Meanwhile, the Dow Jones Industrial Improved by 0.04%.

Data on historical trading for Newell Brands Inc. (NASDAQ:NWL) indicates that the trading volumes over the past 10 days have averaged 6.1 million and over the past 3 months, they’ve averaged 6.34 million. According to company’s latest data on outstanding shares, there are 413.90 million shares outstanding.

Nearly 0.20% of Newell Brands Inc.’s shares belong to company insiders and institutional investors own 94.80% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 32.41 million shares as on May 30, 2023, resulting in a short ratio of 3.56. According to the data, the short interest in Newell Brands Inc. (NWL) stood at 7.83% of shares outstanding as of May 30, 2023; the number of short shares registered in Apr 27, 2023 reached 26.19 million. The stock has fallen by -36.74% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the NWL stock heading into the next quarter.