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Why Eastman Kodak Company (NYSE: KODK) Is A Great Stock Pick For Momentum Investors

Eastman Kodak Company (NYSE:KODK) shares, rose in value on Friday, May 26, with the stock price up by 2.69% to the previous day’s close as strong demand from buyers drove the stock to $4.97.

Actively observing the price movement in the recent trading, the stock is buoying the session at $4.84, falling within a range of $4.809 and $4.96. The value of beta (5-year monthly) is 3.74 whereas the PE ratio is 9.34 over 12-month period. Referring to stock’s 52-week performance, its high was $7.24, and the low was $2.78. On the whole, KODK has fluctuated by 50.61% over the past month.

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With the market capitalization of Eastman Kodak Company currently standing at about $378.78 million, investors are eagerly awaiting this quarter’s results, scheduled for Aug 07, 2023 – Aug 11, 2023.

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 KODK’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of Hold while long term indicators on average have been pointing out that it is a 50% Buy.

1 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 1 analyst(s), 0 recommend it as a Buy and 0 called the KODK stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of KODK currently trading nearly 29.21% and 31.45% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 85.46, while the 7-day volatility ratio is showing 4.42% which for the 30-day chart, stands at 4.77%. Furthermore, Eastman Kodak Company (KODK)’s beta value is 3.71, and its average true range (ATR) is 0.19. The company’s stock has been forecasted to trade at an average price of $1.00 over the course of the next 52 weeks, with a low of $1.00 and a high of $1.00. Based on these price targets, the low is 79.88% off current price, whereas the price has to move 79.88% to reach the yearly target high. Additionally, analysts’ median price of $1.00 is likely to be welcomed by investors because it represents an increase of 79.88% from the current levels.

A comparison of Eastman Kodak Company (KODK) with its peers suggests the former has fared considerably weaker in the market. KODK showed an intraday change of 2.69% in today’s session so far, and over the past year, it grew by 19.18%%. In comparison, Novanta Inc. (NOVT) has moved higher at 2.35% today and is up 34.10% over the past 12 months. On the other hand, the price of Diebold Nixdorf Incorporated (DBD) has fallen -1.94% today. The stock, however, is off -91.54% from where it was a year ago. Additionally, there is a gain of 4.52% for GoPro Inc. (GPRO) in recent trading while the stock has seen an overall depriciation of -36.12%% over the past year. The PE ratio stands at 9.34 for Eastman Kodak Company, compared to 79.24 for Novanta Inc. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 1.13%. Meanwhile, the Dow Jones Industrial Improved by 1.02%.

Data on historical trading for Eastman Kodak Company (NYSE:KODK) indicates that the trading volumes over the past 10 days have averaged 0.87 million and over the past 3 months, they’ve averaged 575.64K. According to company’s latest data on outstanding shares, there are 79.10 million shares outstanding.

Nearly 21.60% of Eastman Kodak Company’s shares belong to company insiders and institutional investors own 31.50% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 4.05 million shares as on May 14, 2023, resulting in a short ratio of 9.82. According to the data, the short interest in Eastman Kodak Company (KODK) stood at 5.10% of shares outstanding as of May 14, 2023; the number of short shares registered in Apr 13, 2023 reached 4.12 million. The stock has risen by 62.95% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the KODK stock heading into the next quarter.

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