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- 1 Hasbro announced its drop in Q2 2023 earnings in August 2023.
- 2 HAS stock price is anticipated to witness a surge following the potential optimistic earnings.
The toy maker company Hasbro Inc (NASDAQ: HAS) has announced to drop its second quarter 2023 earnings on August 3, 2023. Following the announcement, Hasbro stock price did not show much enthusiasm and continued its sideways movements. Still, the anticipation of the company to perform well in the quarter remains intact.
Hasbro is expected to mark revenue of $1.11 Billion for the quarter ending with June 2023. On the other hand, the earnings per share (EPS) is estimated to stay around $0.55.
Previous Earnings Pumped Hasbro Stock Up by 15%
For the previous quarter, the Transformers and Dungeons & Dragons toy-making company performed far better than the estimates. It reported revenue of $1.01 Billion beating the estimate of $877 Million by 14%. The company reported EPS of $0.01 down over 70% from the expected $0.04.
Hasbro stock price, however, rose up to 15% on the day of earnings on April 27, 2023. Anticipating a similar performance from the company, prominent institutions set the price target higher as well.
Goldman Sachs increased the price target for HAS stock to $64 from $63 earlier while keeping the rating “neutral”. Investment banking company Stifel raised the target from $75 to $79.
The American multinational conglomerate pays quarterly dividends and is likely to pay $0.70 for this quarter on August 15, 2023. Hasbro increased its dividend payment from $1.44 to $2.80 per year showcasing a compounded annual growth rate (CAGR) of 6.9% in the last decade.
Hasbro (HAS) Stock Price Movement
Currently, HAS stock price is trading at $63.96 following a slight up move of 0.19% in the last intraday session on Friday, 21st July 2023. Since the pump of 15% in the trading price created a gap, Hasbro stock consolidated between the range of $60 to $65, which is yet to be attained.
The price level at $65, the yearly high trading price, acts as an immediate hurdle for HAS stock. Following this, the stock price could move forward to chase the 52-week high at $85. At present, Hasbro stock is down by 25% from the price level and trading above both 50-day and 200-day EMA.
The immediate support for the stock price stays at $60, a lower level than its current range. If it breaks the level and drops below, then it could try to fill the gap and take support at $50.
Hasbro stock attained its yearly low at $45 in mid-March 2023 and since then, it rose about 40%.
The MACD curve took a slight downside turn suggesting a slight bearishness. However, the RSI at 62 shows bullish strength in HAS stock price movement.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
