Solventum Corp (NYSE:SOLV) shares, rose in value on Friday, November 01, with the stock price down by -0.17% to the previous day’s close as strong demand from buyers drove the stock to $72.46.
Actively observing the price movement in the last trading, the stock closed the session at $72.58, falling within a range of $72.36 and $73.82. Referring to stock’s 52-week performance, its high was $96.05, and the low was $47.16. On the whole, SOLV has fluctuated by 7.73% over the past month.
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With the market capitalization of Solventum Corp currently standing at about $12.51 billion, investors are eagerly awaiting this quarter’s results, scheduled for on 2024-Nov-07.
Projections by analysts suggest varying estimates for the company’s quarterly revenue. Analysts have estimated the company’s revenue for the quarter at 8.2B, with a low estimate of 2.05B and a high estimate of 2.07B. Wall Street analysts also predicted that the company’s y-o-y revenues would reach 2.06B.
The stock’s technical analysis shows that the price of SOLV currently trading nearly 1.67% and 5.26% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 59.10, while the 7-day volatility ratio is showing 1.66% which for the 30-day chart, stands at 2.11%. Furthermore, Solventum Corp (SOLV)’s average true range (ATR) is 1.57.
Data on historical trading for Solventum Corp (NYSE:SOLV) indicates that the trading volumes over the past 10 days have averaged 0.89 and over the past 3 months, they’ve averaged 1.13 million. According to company’s latest data on outstanding shares, there are 172.71 million shares outstanding.
Nearly 19.93% of Solventum Corp’s shares belong to company insiders and institutional investors own 62.04% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 4.46 million shares as on 2024-10-15, resulting in a short ratio of 3.24. The stock has fallen by -9.43% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the SOLV stock heading into the next quarter.
