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- 1 ICE Stock rallied 3.44% in a month and is about to cross its 52-week high.
- 2 Many institutional investors and hedge funds adjusted their position in Intetcontinental Exchange Inc.
Intercontinental Exchange Inc. (ICE Stock) is trading 1.81% below its 52-week high and noticeably above the 200-day EMA. It remains to be seen whether the stock price can rally ahead. ICE’s share price rallied 15.65% in the last three months, 17.18% in a year, and 7.21% year-to-date. The Dow Jones Industrial Average fell by 1.1%, and the S&P 500 saw a 0.6% drop. Additionally, many institutional investors and hedge funds altered their positions in the company.
Intercontinental Exchange Inc. (ICE Stock) – Financial Analysis
LGT Capital Partners LTD decreased its position in NYSE: ICE by 2.1% in Q1 2023. The institutional investor previously owned 192,460 shares and sold 4,210. Their current holdings in the company are worth $20.07 million. AXS Investment LLC hiked its position by 4.0% in Q4 2022 and now owns 10,487 shares worth $1.07 million.
Polaris Wealth Advisory Group LLC bought new holdings in Q4 2022 worth $736,000, while DAVENPORT & Co LLC purchased 1,056 shares in the last quarter, and their current holdings are worth $3.88 Million. Whitter Trust Co. of Nevada Inc. bolstered their stake in Intercontinental Exchange Inc.’s current holdings by 21.5%, which is worth $446,000.
At press time, NYSE: ICE is trading at $111.09, gaining 0.37%. Previous close and open were at $110.68 and 110.50, respectively. The 52-week change comes with a gain of 12.58%. With an average volume of 2.53 million shares, the market cap is $62.196 billion. The trailing twelve months (ttm) price-to-earnings ratio (P/E) is 42.89, and the earnings per share (EPS) is $2.59.
Analysts placed a 2.78 rating for moderate buy and estimated a price target of $129.89 with a 16.9% upside. The short interest seems healthy, with 0.72% float sold short, and the projected earnings growth is estimated to gain 8.39% ranging from $5.48 to $5.94. Considering the 20-day average, this week’s trading volume is 39.7% lower.
The last earnings were reported on May 4, 2023, where the revenue failed to beat the estimated amount of $1.898 billion by 0.10%. The reported revenue was $1.896 billion, and the surprise comes at a shortage of $1.836 million. The revenue ttm is said to be $7.29 billion.
Considering March 2023 data, the quarterly revenue declined by 0.16% to $1.90 billion, revenue per share (ttm) is $13.05, and the quarterly revenue growth suffered by 0.20%. The operating expenses swelled by 0.89% to $906.00 million, and the operating margin jumped by 51.01%. The profit margin increased by 19.81%, and the net profit margin fell by 0.14% to 34.55.
Intercontinental Exchange Inc. (ICE Stock) – Candle Exploration
The ICE share price is close to its 52-week high, and the point also acts as a crucial resistance level. If the price manages to break out, it would then face R1. Henceforth, the price would consolidate between R1 and R2. However, for this to happen,, the price action must break the $113.17 level and stabilize above it.
If the price turns south, it would first encounter EMA, then immediate resistance. If a breakthrough is below $103.19, the cost will consolidate above the demand zone. Furthermore, the possibility of the price going down further is unlikely, solidifying a strong support level. However, if the price drops, a decisive factor would be required to facilitate an upward movement.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
