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- 1 WM stock price exhibiting the dominance of bears in the market since the last month.
- 2 The increased bearish activity took WM stock price near its oversold zone.
Waste Management Inc. (NYSE: WM) stock price experienced increased bearish activity that pushed the stock price downward. In the last month, WM stock price dropped 5.98%, and a similar decline can also be observed in the last year. However, in its year-to-date (YTD) price analysis, WM stock price showed a bullish trend with 1.52% of price gain.
Among a set of 18 environmental services stocks, Waste Management (WM) has recently exhibited a “strong sell” technical rating amid a prevailing bearish trend. This assessment is accompanied by notable trading volume, with 1.044 million shares being exchanged in a single day. Interestingly, this trend aligns with that of Enviri Corp. (NYSE: NVRI), which shares a similar technical rating. Further, both Casella Waste Systems Inc. (NASDAQ: CWST) and Janone Inc. (NASDAQ: JAN) have received a technical rating of “sell,” indicating a potential trend of reduced investor sentiment across these environmental services stocks.
Bearish Market Trend of WM Stock
Over the past week, the stock price of WM has experienced a decline of 1.67%, culminating in a closing price of $159.80 as of August 8, 2023. Notably, during this period, the stock’s trading trajectory has dipped below its 200-day moving average, subsequently moving away from its 100-day moving average. This amplified bearish movement has pushed the price closer to the oversold region, a development reinforced by a substantial trading volume exceeding 1 million shares within the last day.
It must be noted that after the release of the Q2 2023 earnings and revenue report by Waste Management, WM stock price started showing a bearish market trend. The stock experienced increased bearish activity as the report was not positive.
Analysts have projected a one-year price target of $179.43 for WM stock, reflecting a potential increase of more than 12% from its recent closing price. This price target range is characterized by a maximum estimate of $202.00 and a minimum estimate of $160.00. Over the past three months, analysts have provided a “buy” rating for Waste Management Inc., signifying positive sentiment and confidence in the company’s future prospects.
Q2 2023 Highlights of Waste Management
Waste Management Inc. (NYSE: WM), a holding company, has a market cap of nearly $64.72 Billion. On July 25, 2023, the company released its Q2 2023 report that showed its net income to be $615.00 Million. WM price-to-sales ratio is 3.28 while the company has an Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) ratio of 13.98.
WM dividends are paid quarterly whereas the last dividend per share was $0.70 and as of today, Dividend Yield (TTM)% is 1.69%.
WM earnings per share (EPS) for Q2 2023 is $1.51, whereas the estimation was $1.55, which accounts for a negative 2.37% surprise. The revenue for the same period amounts to $5.12 Billion despite the estimated figure of $5.23 Billion. For the upcoming year, the estimated EPS is $1.61, and the revenue is expected to reach $5.27 Billion.
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