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Volatility Is Your Friend: Charge Enterprises Inc. (CRGE) Is Hot Again

Charge Enterprises Inc. (NASDAQ:CRGE) does about 439.43K shares in volume on a normal day but saw 375903 shares change hands in Friday trading. The company now has a market cap of 216.07M USD. Its current market price is $1.24, marking a decrease of -6.06% compared to the previous close of $1.32. The 52 week high reached by this stock is $8.46 whilst the lowest price level in 52 weeks is $1.10. The script in recent trading has seen the stock touch a high of $1.36 and a low of $1.21.

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Charge Enterprises Inc. (CRGE) has a 20-day trading average at $1.3615 and the current price is -85.34% off the 52-week high compared with 12.73% distance from its 52-week low. The 50-day simple moving average of the closing price is $1.4312 and its 200-day simple moving average is $2.6744. If we look at the stock’s price movements over the week, volatility stands at 13.55%, which decreases to 11.78% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 42.86 to suggest the stock is neutral.

The consensus objective for the share price is $4.75, suggesting that the stock has a potential upside of 73.89% over the period.

The company shares received a number of brokerage firm price updates over the past month, with the latest being on October 14, 2022 when H.C. Wainwright initiated the stock to “Buy” and issued a price target of $4.50.

The current price level is -9.49%, -14.12%, and -54.01% away from its SMA20, SMA50, and SMA200 respectively, with the CRGE price moving above the 50-day SMA on February 17. Charge Enterprises Inc. (CRGE) stock is down -7.46% over the week and -11.43% over the past month. Its price is 0.00% year-to-date and -59.74% over the past year.

Expected sales for next quarter are $187.9 million, which analysts say will come at $720.21 million for the current fiscal year and next year at $787.27 million. In addition, estimates put the company’s current quarterly revenue at an average of $190.32 million.

Its 12-month price target is $4.75. To reach the target analysts have set, the stock logically needs to grow 73.89 percent from here. Of course, the average price target is just what the average analysts believe a stock will be worth in the next 52 weeks, and is only one metric. There are analysts with lower targets than the average, including one bearish Wall Street research firm advocating investors to wait for the price to pull back to $4.50, given the recent momentum. And then, on the bullish side of things, one analyst is expecting the stock to peak at $5.00.

Outstanding shares total 188.41M with insiders holding 56.49% of the shares and institutional holders owning 15.65% of the company’s common stock. The company has a return on investment of -100.20%. The beta has a value of 3.00. Price to book ratio is 5.64 and price to sales ratio is 0.41.

According to a U.S. Securities and Exchange Commission filing, iShares Russell 2000 ETF has reduced its position in Charge Enterprises Inc. (CRGE) to 2,810,196 shares, mirroring a recent drop by -0.29%. iShares Russell 2000 ETF dumped 8177.0 shares of Charge Enterprises Inc. common stock bringing its total worth to about $3.77 million at the end of recent close, SEC documents show. iShares Russell 2000 ETF isn’t the only investment manager who changed stakes and is followed by Vanguard Total Stock Market Index, which added 12991.0 shares to end up with 2,501,219 shares worth $3.35 million.

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