Akamai traders look to defend ongoing uptrend in 8 hours time following yesterday's losses
- Akamai Technologies's recent uptrend could be petering out after the company eclipsed its average daily volume of 1.92 million by 190% today.
- Yesterday's down move comes on the back of a 25 day uptrend, during which Akamai Technologies added $8.28 to its value.
As market participants brought yesterday's session to a close, S&P 500 dips 1.64% before ending the session at 4,330.
Akamai Technologies closed lower yesterday, with similar drops noticed throughout the Technology sector (down 0.633%).
The past 3 months have been positive for the US cybersecurity firm as it added 26.24% compared to its 3-month low of $70.75.
So far in 2023, it has been outperforming the S&P by 32.87%.
Akamai Technologies's market cap currently stands at $16.37 billion
Akamai's recent uptrend could be petering out after the company eclipsed its average daily volume of 1.92 million by 190% today.
Akamai Technologies has a forecast of $929.69 million with an EPS of $1.41.
In comparison to previous filings, some of Akamai Technologies's indicators seem to be doing better than others; its overall fundamentals are slightly under the competition average.
An indicator to be familiar with is the return on equity (ROE). ROE is a measure of a corporation's profitability in relation to stockholders’ equity. It is a way to evaluate financial performance, calculated by dividing net income by shareholders' equity. This ratio gives investors an idea of how well the company handles its shareholder's money. Analysis of Akamai's indicators shows one outlier— the company's ROE, with a value of 8%. This indicator is below its trailing twelve-month average and is doing worse than the competition. The price to earnings ratio is doing worse than the competition— it has decreased from 29.47 reported last quarter to the current 34.82.
Akamai manages to remain at a rating of 'Buy'.
Akamai Technologies Inc made an initial break below its 3 day Simple Moving Average at $106.9, a possible indication of a forthcoming negative trend. Akamai Technologies's upper Bollinger Band® is at $108.13 which indicates a further downward move may follow. In contrast, Akamai could begin to recover as it approaches significant support, now $1.13 away from $106.8. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Akamai.
Note that Edward Mcgowan, Chief Financial Officer of Akamai Technologies, cut down his holdings in the company Monday by selling 2,456 shares.
REGION: United States ASSET: Akamai (AKAM) PREV. OPEN: $107.66 PREV. CLOSE: $107.93 PRE-MARKET: $107.93 TIME TO OPEN: 8 hours
