SMG Price Prediction Next Week
Technical Analysis: SMG's technical indicators show bearish signals with RSI at 29.70, well into oversold territory. The stock is trading below all major moving averages (5-day: $60.91, 20-day: $66.23, 200-day: $71.39), indicating a strong downward trend.
Price Targets for Next Week: Based on Fibonacci levels and current technical setup:
- Resistance levels: $67.03 (R1), $69.08 (R2)
- Support levels: $60.43 (S1), $58.38 (S2)
- Most likely trading range: $58.38 - $63.73
News Impact:
- Recent insider selling activity: Director L.P. Hagedorn sold 12,123 shares worth $810,543
- Institutional investors showing bearish sentiment with 265 reducing positions versus 172 increasing
- Company recently passed through 4% yield mark, indicating potential value trap concerns
Price Prediction: Given the bearish technical setup and negative sentiment from institutional investors, SMG is likely to test support levels next week. Target price: $58.50
Recommendation: SELL
- Entry point: Current price ($60.70)
- Stop loss: $63.73 (Fibonacci pivot)
- Target: $58.50
- Risk/Reward ratio: 1:1.5
The combination of weak technical indicators, insider selling, and institutional outflows suggests further downside potential in the near term.
SMG Similar Chart Price Prediction
The price of SMG is predicted to go up 16.45%, based on the high correlation periods with NEUP. The similarity of these two price pattern on the periods is 96.6%.
SMG
NEUP
Up: 16.45%Similarity: 96.6%
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SMG VS S&P500
US household formation growth will drive demand for gardening products. As the market leader in consumer gardening products, Scotts will benefit from the secular housing trend.
Consumer behavior has changed following the covid-19 pandemic, with more consumers engaging in gardening as an activity. As the largest player in the consumer gardening market, Scotts will benefit from this change through higher long-term volumes.
The emerging cannabis industry represents a lucrative opportunity for Scotts, which is well positioned to capture this segment of the market.
SMG Analyst's Forecast
Jonathan Matuszewski
Jefferies
Hold
2024-12-09
Price Target
$72
Downside
-3.28%
Jefferies initiated coverage of Scotts Miracle-Gro with a Hold rating and $72 price target. The firm says the quality of management's playbook is better than years' past, with supply chain cost optimization, added retailer support, and more nuanced consumer messaging. However, the analyst's enthusiasm for Scotts Miracle-Gro is tempered by cumulative inflation and retailer private label aspirations.
Bill Chappell
Truist Securities
Hold
2024-11-08
Price Target
$90 → $70
Downside
-3.58%
Jeffrey Zekauskas
JP Morgan
Buy
2024-11-07
Price Target
$85 → $80
Upside
+9.6%
