Following these proceedings, Deutsche Bank downgraded its The Wendy’s Company [WEN] rating to a Hold from a a Buy in a research note published on Tuesday. PT values the company’s stock at a premium of 3.96 to its Tuesday closing price. A number of analysts have revised their coverage, including Evercore ISI’s analysts, who decreased its forecast for the stock in mid January from “an Outperform” to “an In-line”. Oppenheimer also remained covering WEN and has decreased its forecast on January 05, 2023 with a “Perform” recommendation from previously “an Outperform” rating. Jefferies started covering the stock on December 15, 2022. It rated WEN as “a Hold”.
Price Performance Review of WEN
On Tuesday, The Wendy’s Company [NASDAQ:WEN] saw its stock fall -1.16% to $22.09. On the same session, the stock had its day’s lowest price of $21.92, but rose to a high of $22.38. Over the last five days, the stock has lost -3.20%. The Wendy’s Company shares have fallen nearly -2.39% since the year began. Nevertheless, the stocks have risen 0.50% over the past one year. While a 52-week high of $23.78 was reached on 01/17/23, a 52-week low of $15.77 was recorded on 01/13/23. SMA at 50 days reached $22.41, while 200 days put it at $20.29. A total of 2.36 million shares were traded, compared to the trading of 1.99 million shares in the previous session.
Levels Of Support And Resistance For WEN Stock
The 24-hour chart illustrates a support level at 21.88, which if violated will result in even more drops to 21.67. On the upside, there is a resistance level at 22.34. A further resistance level may holdings at 22.59. The Relative Strength Index (RSI) on the 14-day chart is 45.36, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.15, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 67.31%. Stochastics %K at 43.11% indicates the stock is a holding.
How much short interest is there in The Wendy’s Company?
A steep rise in short interest was recorded in The Wendy’s Company stocks on Oct 13, 2022, dropping by -0.65 million shares to a total of 5.96 million shares. Yahoo Finance data shows the prior-month short interest on Sep 14, 2022 was 6.61 million shares. There was a decline of -10.91%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 3.62% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.38.
The Wendy’s Company [WEN] – Who Are The Largest Shareholders?
In filings from Trian Fund Management LP, it is revealed that the company now owns 25,333,339 shares, or roughly 11.89% of the outstanding WEN shares. Additionally, The Vanguard Group, Inc. increased 0.97% of its stake after which the total value it holdings stand at $392,812,083, while BlackRock Fund Advisors reduced -1.63% of its stake to hold $306.25 million in the firm. Over the last quarter, Massachusetts Financial Services sold -33,646 shares of The Wendy’s Company, while Harris Associates LP sold 350,517 shares. At present, JPMorgan Investment Management, I is holding 5,619,890 shares valued at $127.18 million. Millennium Management LLC owned 5,314,268 shares of the company at the time of its most recent 13F filing, worth $120.26 million.
According to FactSet, The Wendy’s Company’s share price will average $24.87 in the next year, based on opinions of analysts polled by the firm. This is up nearly 11.86 percent from its previous closing price of $22.35. Analysts expect The Wendy’s Company stock to reach the higher price of $29.00, while the lowest price estimate is $19.00. However, 29 analysts have rated WEN stock as an Overweight in their predictions for 2023. The most recent change occurred on September 23, 2022 when Stephens began covering the stock and recommended ‘”an Overweight”‘ rating along with a $25 price target.