Zomato Stock Price: Shares of food delivery company Zomato saw a rise of up to 15% today. The company’s shares closed at Rs 71.20 with a gain of 14.75% on BSE. The stock of Zomato has gained 12.43 per cent in the last two days. Zomato shares are trading higher than the 5-day and 20-day moving averages but lower than the 50-day, 100-day and 200-day moving averages.
The stock has fallen 50% so far this year
The stock has declined 49.78 per cent in the year 2022. The firm’s market cap rose to Rs 55,430 crore on the BSE. The stock had hit a 52-week high of Rs 169.10 on November 16, 2021 and a 52-week low of Rs 50.35 on May 11, 2022. The firm reported a loss of Rs 360 crore for the fourth quarter ended March 31, 2022. This is a net loss of Rs 134 crore in the year-ago period. Zomato’s consolidated revenue from operations grew 75 per cent to Rs 1,212 crore as against Rs 692 crore in the same quarter last fiscal.
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What is the opinion of the brokerage
Brokerages were bullish on the prospects of Zomato stock after the fourth quarter. UBS made a buy call on Zomato’s stock with a target price of Rs 130. The brokerage said the firm has improved in this quarter, which is positive. Growth drivers will remain strong for the company. Explain that after the food delivery firm announced its fourth quarter earnings, Morgan Stanley has kept its target price at Rs 135. The brokerage said the firm has given a better outlook for the first quarter of the current financial year. The company is moving in the right direction.