ZIM Stock Forecast: Is ZIM Stock A Good Investment in 2024?
ZIM stock price is trading below the essential moving averages on both weekly and daily timeframes demonstrating the stock price is in prolonged bearish trend. Before delving into the forecast, let’s take a look at the ZIM Integrated Shipping Services and its history.
ZIM Integrated Shipping Services Ltd. was established on June 7, 1945, and is based in Haifa, Israel. The company provides shipping and logistics services and delivers numerous cargo shipping services including oversized, frozen, and risky cargo.
By the end of 2022, it had a fleet of 150 ships, which consisted of 139 container ships and 11 car carriers, of which it owned nine ships and rented 141 ships; and a network of 67 weekly routes. Eli Glickman is the current CEO of ZIM Integrated Shipping Services Ltd.
Now you are well aware of the company’s profile, let’s begin with Zim stock’s key stats.
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Key Stats of Zim Stock
At press time, the Zim stock price is trading at $10.99, after a 1.79% drop in one day. It has a market capitalization of $1.3 Billion and a volume of $4.98 Million. Additionally, the 30-day average volume is $6.37 Million. Zim stock dividend yield is 58.23% as per the trading view data.
Despite the bearish performance, the upcoming earning and revenue reports seek the interest of investors and traders toward the particular stock.
Upcoming Earning and Revenue Report
The Earnings and Revenue report for Q4 2023 is expected to be released on 13 March 2024. As per trading view data, the earning estimation is -1.44 and the revenue estimation is $1.218 Billion.
Moreover, Till Q2 2023, the stock showcased a positive performance with $1.31 Billion in revenue. However, the performance declined in Q3 2023, as the revenue fell by $1.27 Billion.
It would be interesting to see, whether ZIM Integrated Shipping Services stock will continue its downtrend or take a spike. However, the future performance of the stock depends on the revenue generation. If the revenue declines, the stock will continue its downtrend whereas, if it increases, the stock price will surge and start a new bullish trend.
How Well The Stock Performed in The Past 1 Year
Analyzing the past 1 year, Zim stock represented a mixed performance with a few earnings and losses. The stock recorded a drop of 48.84% in the past 1 year and a decline of 2.83% in the past 6 months. However, the stock hit an upsurge of 5.67% year to date and a hike of 51.80% in the last 3 months.
Moreover, the stock failed to perform well within the past 1 month, indicating a drop of 12.08% in the last month and a fall of 7.88% in 1 week.
Additionally, the 52-week high of the stock is $25.12 whereas the 52-week low was recorded at $6.39. Also, the 52-week stock price is ranging between $6.39 and $25.12.
What Technical Analysis Summary Is Saying
According to the trading view technical analysis summary, 14 indicators signalling a sell whereas 3 indicators are showing a buy. As per the 9 indicators, the stock is neutral. Hence, in the aggregate, the indicators are pointing toward a selling of Zim stock.
Source: Tradingview
The current stock price shows a descending channel on a weekly time frame. Nonetheless, the buyers are attempting to break the upper trendline of the channel, which is near the 50-day EMA line. If the price successfully breaks through both the 50-day ema level and the upper trendline of the channel, it will enter into a bullish zone.
The RSI is in the neutral zone near 46 showing neutrality in the weekly chart and the MACD indicator also shows the neutral signal.
Overall the indicators are on the neutral side. Investors should wait for a proper breakdown or a breakout of the price for a further move.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
