Guardant Health Inc (NASDAQ: GH): Stock Forecast For 2024 Sees A A Decline Of -10.23%

In the last trading session, 5.57 million shares of the Guardant Health Inc (NASDAQ:GH) were traded, and its beta was 0.85. Most recently the company’s share price was $20.63, and it changed around $2.67 or 14.87% from the last close, which brings the market valuation of the company to $2.51B. GH currently trades at a discount to its 52-week high of $41.06, offering almost -99.03% off that amount. The share price’s 52-week low was $16.92, which indicates that the current value has risen by an impressive 17.98% since then. We note from Guardant Health Inc’s average daily trading volume that its 10-day average is 2.21 million shares, with the 3-month average coming to 1.68 million.

Guardant Health Inc stock received a consensus recommendation rating of Buy, based on a mean score of 1.43. If we narrow it down even further, the data shows that 0 out of 4 analysts rate the stock as a Sell; another 2 rate it as Overweight. Among the rest, 0 recommended GH as a Hold, whereas 2 deemed it a Buy, and 0 rated it as Underweight. Guardant Health Inc is expected to report earnings per share of -$0.84 for the current quarter.

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Guardant Health Inc (NASDAQ:GH) trade information

Instantly GH has showed a green trend with a performance of 14.87% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -23.73% year-to-date, but still up 17.48% over the last five days. On the other hand, Guardant Health Inc (NASDAQ:GH) is 10.14% up in the 30-day period. We can see from the shorts that 7.76 million shares have been sold at a short interest cover period of 3.91 day(s).

The consensus price target as assigned by Wall Street analysts is $75.67, which translates to bulls needing to increase their stock price by 72.74% from its current value. Analyst projections state that GH is forecast to be at a low of $40 and a high of $125.

Guardant Health Inc (GH) estimates and forecasts

Guardant Health Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -25.31 percent over the past six months and at a 18.22% annual growth rate that is well above the industry average of 13.00%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 35.40% in revenue this quarter, and will report a decrease of -19.40% in the next quarter. The year-over-year growth rate is expected to be 17.70%, up from the previous year.

Consensus estimates provided by 18 financial analysts predict the company will bring in an average of $150.42 million in revenue for the current quarter. 18 analysts expect Guardant Health Inc to make $160.99 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $128.71 million and $137.15 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 16.90%. Forecasts for the next quarter put sales growth at 17.40%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -8.88%. Guardant Health Inc earnings are expected to increase by 23.38% in 2024, but the outlook is positive 27.80% per year for the next five years.

GH Dividends

Guardant Health Inc’s next quarterly earnings report is expected to be released around May 07 and May 13.

Guardant Health Inc (NASDAQ:GH)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 4.15% of Guardant Health Inc shares, and 92.19% of them are in the hands of institutional investors. The stock currently has a share float of 96.18%. Guardant Health Inc stock is held by 412 institutions, with Vanguard Group Inc being the largest institutional investor. By Dec 30, 2023, it held 9.15% of the shares, which is about 11.13 million shares worth $229.63 million.

Blackrock Inc., with 8.90% or 10.83 million shares worth $223.46 million as of Dec 30, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund were the top two Mutual Funds as of Dec 30, 2023. The former held 3.52 million shares worth $72.56 million, making up 2.89% of all outstanding shares. On the other hand, Vanguard Small-Cap Index Fund held roughly 2.85 million shares worth around $58.88 million, which represents about 2.34% of the total shares outstanding.