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Is ICICI Bank Limited (NYSE: IBN) A Suitable Stock For New Investors Today?

ICICI Bank Limited (NYSE:IBN) shares, rose in value on Friday, May 13, with the stock price down by -0.76% to the previous day’s close as strong demand from buyers drove the stock to $17.75.

Actively observing the price movement in the recent trading, the stock is buoying the session at $17.88, falling within a range of $17.60 and $18.08. The value of beta (5-year monthly) is 1.02 whereas the PE ratio is 19.31 over 12-month period. Referring to stock’s 52-week performance, its high was $22.34, and the low was $15.95. On the whole, IBN has fluctuated by -9.24% over the past month.

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The company’s Forward Dividend Ratio is 0.06, with its dividend yield at 0.31%. 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 $0.22, which is expected to increase to $0.25 for fiscal year $0.84 and then to about $1.08 by fiscal year 2023. Data indicates that the EPS growth is expected to be 16.70% in 2023, while the next year’s EPS growth is forecast to be 28.60%.

Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $8.77 billion, representing an increase of 40.00% 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 IBN’s technical picture suggests that short-term indicators denote the stock is a 50% 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 50% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of IBN currently trading nearly -6.93% and -5.66% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 35.26, while the 7-day volatility ratio is showing 2.24% which for the 30-day chart, stands at 2.19%. Furthermore, ICICI Bank Limited (IBN)’s beta value is 1.04, and its average true range (ATR) is 0.46.

Data on historical trading for ICICI Bank Limited (NYSE:IBN) indicates that the trading volumes over the past 10 days have averaged 8.89 million and over the past 3 months, they’ve averaged 12.39 million. According to company’s latest data on outstanding shares, there are 3.47 billion shares outstanding.

Nearly 62.40% of ICICI Bank Limited’s shares belong to company insiders and institutional investors own 20.20% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 27.71 million shares as on Dec 14, 2021, resulting in a short ratio of 1.99. According to the data, the short interest in ICICI Bank Limited (IBN) stood at 0.80% of shares outstanding as of Dec 14, 2021; the number of short shares registered in Nov 14, 2021 reached 33.01 million. The stock has fallen by -9.65% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the IBN stock heading into the next quarter.

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