SMART Global Holdings Inc [NASDAQ: SGH] stock went on a downward path that fall over -24.07% on Wednesday, amounting to a one-week price decrease of less than -24.37%. The company report on April 9, 2024 at 4:05 PM that SGH Reports Second Quarter Fiscal 2024 Financial Results.
IPS revenue up 19 percent sequentially; total SGH revenue of $285 million.
SMART Global Holdings, Inc. (“SGH” or the “Company”) (NASDAQ: SGH) today reported financial results for the second quarter of fiscal 2024.
Over the last 12 months, SGH stock rose by 15.90%. The one-year SMART Global Holdings Inc stock forecast points to a potential upside of 28.95. The average equity rating for SGH stock is currently 1.20, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $1.02 billion, with 51.90 million shares outstanding and 50.05 million shares in the current float. Compared to the average trading volume of 1.04M shares, SGH stock reached a trading volume of 6517925 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on SMART Global Holdings Inc [SGH]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SGH shares is $27.70 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SGH stock is a recommendation set at 1.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Needham have made an estimate for SMART Global Holdings Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 13, 2023. While these analysts kept the previous recommendation, Needham dropped their target price from $45 to $40. The new note on the price target was released on June 30, 2022, representing the official price target for SMART Global Holdings Inc stock. Previously, the target price had yet another raise from $75 to $100, while Rosenblatt kept a Buy rating on SGH stock. On July 07, 2021, analysts increased their price target for SGH shares from 65 to 75.
The Average True Range (ATR) for SMART Global Holdings Inc is set at 1.33, with the Price to Sales ratio for SGH stock in the period of the last 12 months amounting to 0.81. The Price to Book ratio for the last quarter was 2.54, with the Price to Cash per share for the same quarter was set at 8.99. Price to Free Cash Flow for SGH in the course of the last twelve months was 15.53 with Quick ratio for the last quarter at 2.66.
SGH Stock Performance Analysis:
SMART Global Holdings Inc [SGH] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -24.37. With this latest performance, SGH shares dropped by -14.49% in over the last four-week period, additionally sinking by -18.20% over the last 6 months – not to mention a rise of 15.90% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SGH stock in for the last two-week period is set at 28.12, with the RSI for the last a single of trading hit 18.48, and the three-weeks RSI is set at 35.04 for SMART Global Holdings Inc [SGH]. The present Moving Average for the last 50 days of trading for this stock 22.87, while it was recorded at 24.54 for the last single week of trading, and 21.75 for the last 200 days.
Insight into SMART Global Holdings Inc Fundamentals:
SMART Global Holdings Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.66 and a Current Ratio set at 3.30.
SGH Stock EPS
With the latest financial reports released by the company, SMART Global Holdings Inc posted 0.66/share EPS, while the average EPS was predicted by analysts to be reported at 0.4/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 65.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SGH. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for SMART Global Holdings Inc go to -11.99%.
SMART Global Holdings Inc [SGH] Institutonal Ownership Details
The top three institutional holders of SGH stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in SGH stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in SGH stock with ownership which is approximately 5.8386%.
