Why Zomato shares declined today to end 5-day rally
Zomato shares took a 5% hit after a five-day surge, as 2% of the company's equity was traded in several large transactions earlier today. A total of 19.1 lakh shares, or 2.2% equity, were exchanged at Rs. 162.8 each, Bloomberg reported. The identities of the buyers and sellers remain unknown. Zomato's stock price dropped by as much as 5.03% to Rs. 157.50 per share on the NSE during the day.
Antfin Singapore Holdings Pte to sell 2% stake in Zomato
Rumors are circulating in the market that Antfin Singapore Holdings Pte, a subsidiary of China's Ant Group, plans to sell a 2% stake in Zomato. As of December 2023, Antfin Singapore held a 6.32% stake in the food and grocery delivery platform. Over the past year, Zomato's share price has skyrocketed by 195%, with the total traded volume for the day being 11 times its 30-day average.
Analysts' ratings and price targets for Zomato
According to Bloomberg data, out of the 28 analysts monitoring Zomato, 24 have given the stock a 'buy' rating, while four recommend 'sell.' The average 12-month analyst price targets suggests a potential upside of 6.4%. During the trading session, Zomato's relative strength index was at 54.4.
