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GEHC Lost $1.10 Intraday; Might Reverse From Nearest Support

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NASDAQ: GEHC stock lost $1.10 of its trading price. It opened at $77.32, lowered to $76.51, hit a high of $77.78 and closed at $76.59 with an intraday trading volume of 3.07 Million. Sellers’ dominance is constantly pulling the trading price down.

GEHC stock price slipped by 4.57%, 5.92%, and 3.81% in the weekly, monthly and quarterly time frame, respectively. However, in the half-yearly, YTD, and yearly time frames, GEHC added 10%, 26.22%, and 21.57% to its trading prices, respectively.

Currently, GEHC’s share price is trading at 17.36% lower than its annual price target for 2023 is $89.89. In 52 weeks, GE HealthCare Technologies’ stock traded at $87.83 with the lowest trading price being $53.

Sellers seemed to give no chance to buyers to establish their positions earlier on July 21; buyers tried to hold the price near $83, but continuous selling pulled GEHC’s price below its initial support level of $80.

GEHC Lost $1.10 Intraday; Might Reverse From Nearest Support
Source: GEHC stock price chart from TradingView 

After analyzing the technical aspects of GEHC stock, it is noted that if the price continues to decline, it might break the lowest support level of $70 and further slip to $65. However, if buyers succeeded in taking control of the situation, then the price might face immediate resistance of $80 and a further $82.56.

GE Healthcare Technologies Earnings & Revenue 

In both Q1 and Q2, GE Healthcare Technologies reported 1.58% and 0.52% extra revenue than estimated figures. As per estimation, the company was supposed to report $4.63 Billion in Q1 and $4.79 Billion in Q2 2023. 

Analysts believed that the company might report $4.81 Billion as Q3 revenue and $5.15 Billion for Q4. The reported revenue and earnings per share were as expected. The company bypassed EPS estimates in both Q1 and Q2 2023 and reported 7.26% & 5.85% more revenue than estimated, respectively.

According to TradingView, 392.02 Million GEHC shares are free floating in the market, and the remaining 62.789 Million shares are closely held by the company’s financial backers or the board of directors. 

In the financial year 2022, the revenue to profit conversion of the company constitutes 39% of gross profit, 17% of earnings before interest, taxes, depreciation, and amortization (EBITDA), 14% of earnings before interest and taxes (EBIT), and the remaining 10% as net income.

Conclusion

The declining price of GEHC stock is hurting buyer sentiments. Still, after analyzing the technical aspects of GEHC shares, it is noted that bearishness movements are just little clouds that will soon vanish, and a long-term bullish momentum might be seen in the coming times.

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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