Walmart Stock Price: Is NYSE: WMT Bull Move Over?

In the past few months, Walmart stock has been one of the best-performing companies in the markets, rising by 8.8 per cent in the past month and 23 per cent in the past six months. This week, the company looks poised to continue with its impressive performance in the markets, recording a percentage gain in the markets and extending last week’s 5 per cent performance. 

Why is Walmart’s Stock Price Overperforming

The current performance in the markets follows Walmarts exemplary performance in the third quarter that surpassed Walstreet’s expectations of the company. This is after the company recorded a 9 per cent increase in its sales for the third quarter, with groceries accounting for over 50 per cent of the company’s sales. 

Following the good-than-expected results, the company also raised its full year outlook to reflect the recent overperformance. The company also announced the earnings per share had increased from $1.32 to $1.5 after the company beat its expected revenue of $147.75 by over $5 billion.  

The current Walmart price surge also comes weeks after the company settled its nationwide opioid case for $3.1 billion. The settlement has likely played a part in the current Walmart stock price surge, as the company will now avoid being sued by state, local and tribal governments. 

Walmart Stock Price Forecast

Following the overperformance of Walmart in its sales and revenue, I expect the current bullish trend to continue for the long term. There is a high likelihood that we may see Walmart’s stock price setting a new yearly price high in the next few trading sessions. 

Therefore, my Walmart stock price forecast expects the company to hit and trade above the $160 price level in the next few trading sessions. The current long-term bullish trend is also likely to extend into next year. However, a trade below $140 price level will invalidate my bullish analysis.

Walmart Daily Chart