24.1 C
New York
Monday, June 21, 2021

Macy’s Inc. (M) Stock Is Getting Increasingly Hard To Ignore

- Advertisement -spot_img

Macy’s Inc. (NYSE: M) posted stronger-than-expected revenue growth during the first quarter. It is not completely clear when buyers will return to their usual activity level, however, so the company’s optimism is restrained for the near future.

Many US stimulus measures have supported retail activity in recent weeks. It has been feared that the end of stimulus measures will slow the retail recovery. The pent-up demand generated by the malls’ closures resulting from the pandemic will also benefit chains such as Macy’s. One of the largest shopping centre owners in the United States, Macerich (NYSE: MAC), suggests that Macy’s recovery from the pandemic may still be in its infancy. Based on market research and performance data from shopping centres, the company prepares its forecasts. Despite a sharp decline in traffic in March, growth is expected to increase in the summer and fall.

5 Stocks Under $10 That Are Poised to Take Off

Investing in stocks under $10 could significantly increase the returns on your portfolio, especially if you pick the right stocks! Within this report you will find 5 top stocks that offer investors huge upside potential and the best bang for their buck.

Add them to your watchlist before they take off!

Get the Top 5 Stocks Now!

Sponsored


Macy’s Inc. (NYSE: M) sales in the first quarter increased 56 % YoY but were only about 15 % lower than they were the previous quarter, that is, before the pandemic. As predicted by Macerich, the sale for the second quarter will be 10 – 12 % less than in the second quarter of 2019. A growing number of states are removing restrictions on retail trade-ins, which has contributed to improvements. Deferred demand, then, has a positive effect on traffic as expected. Having activity pick up in major markets such as California and New York is crucial for Macy’s. With sales in these regions expected to improve, Macy’s should return to 2019 sales. Moreover, Macy’s receives between 3% and 4% of its sales from foreign tourists annually. International tourism will also return to Macy’s once the US is again open to international travelers.

Therefore, Macy’s has serious reasons to grow its sales on a gradual basis. Even so, the pandemic is still impacting people’s everyday lives, so optimism about recovery is low.

Macy’s Inc. (M) is soaring on the charts today, down -3.13% to trade at $18.28 at last check. As of the last trading day, Macy’s Inc. shares closed at $18.87. Shares were traded at a volume of 11.54 million, lower than the average volume over the last three months of 17.39 million. In the trading session, the stock traded between $18.20 and $19.05. The company had an earnings per share ratio of -0.84. In the previous five sessions, M shares have gained 0.44% of their value and have moved 8.94% in the past month. However, the stock has gained 62.49 on a year-to-date basis. With a 50-day moving average of $17.11, the stock is above the 200-day moving average of $12.07. Additionally, the stock is currently trading at RSI 54.31.

Latest news

Related news

LEAVE A REPLY

Please enter your comment!
Please enter your name here