The price drop is not due to shorters. The stock is over-valued. The market, which is a forward looking mechanism for determining price, is re-pricing the stock based on the fact that Resmed missed growth expectations.
Going forward, the market no longer believes that a P/E ration of 35 is justifiable. Resmed is growing nicely, but it's now growing enough to sustain a $16+ share price.
My greed got the better of me on this one, and I jumped in on Friday when the stock dropped 12%, without properly looking at the company. Now that I have looked at it properly, it looks overpriced. I bought more today to average down, but I think I'm going to have to hold this stock for sometime before I see it break-even.
So I've changed my sentiment from Buy to Hold. Good luck to all!
oversold, page-60
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Last
$37.00 |
Change
0.080(0.22%) |
Mkt cap ! $22.69B | |||
| Open | High | Low | Value | Volume |
| $36.70 | $37.00 | $36.61 | $30.36M | 824.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 10000 | $36.95 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $37.04 | 26 | 1 |
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| Last trade - 16.10pm 01/11/2024 (20 minute delay) ? |
| RMD (ASX) Chart |