Coke Stock Price Prediction June 2021 – Time to Buy?
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Shares of well-known global beverage brand Coca-Cola (NYSE: KO) have taken quite a tumble after it dipped by $4 billion. The main trigger seems to be the actions of world-renowned Portuguese footballer, Cristiano Ronaldo. In economic terms, the company experienced a brutal drop of 1.6%, losing $4 billion. The company’s market value seems to have gone from $242 billion to $238 billion.
Coca-Cola (COKE) Shares: Technical Analysis
According to the financial statement of the company, Coca-Cola’s market capitalization is $238 billion at the moment, with an enterprise value of $261.739 billion(most recent quarter). The income statement of the company shows total revenue of $33.03 billion for 2020, with a profit margin of 23.46%. This is a decline from the $37.27 billion earned in 2019.
When it comes to the technical side, Oscillators such as RSI(53.73), Stochastic(61.61), Commodity Channel Index(15.16), and Average Directional Index(25.34) point towards a neutral sentiment. Moving Averages such as EMA(10)(55.62) and SMA(10)(55.76) on the other hand point towards a sell action. Coca-Cola Shares closed on June 15th at $55.41 with a downtrend of -0.25%.
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Coca-Cola (COKE) Shares: Recent Developments
Coca-Cola has been pushed into the spotlight thanks to the actions of Portuguese National Football Captain Cristiano Ronaldo at Monday’s Euro 2020 press conference ahead of their Group F clash against Hungary. The Portugues star removed the cola bottles in front of his table at the press conference as he sat down to take media questions. He then followed this by holding up a water bottle and exclaiming “Agua”! in Portuguese meaning “water”.
Coca-Cola is an official sponsor of the Euro 2020 competition which is being held this year after being postponed due to the Covid-19 Pandemic. As part of saving its image, the company released a statement that expressed that every individual is entitled to their drink preferences. A Spokesperson for the Euros also commented on the issue, saying that every player receives water, alongside Coca-Cola and Coca-Cola Zero Sugar in their press conferences.
This is not the only time that a star of the tournament has made a snap decision degrading which sponsored products are being shown with them. France midfielder Paul Pogba removed a bottle of alcoholic drink Heineken from the view of the cameras.
Should You Buy Coca-Cola Shares?
Prior to today’s development, shares of Coca-Cola gained 2.61% over the last month, outpacing the consumer staples sector’s gain of 1.83% at the same time. Investors are hoping for strength before Coca-Cola releases its next earnings release. The company is already struggling to recover as key markets in Europe and U.S. are reopening after the pandemic. Investors will thus be wise to stay away from Coca-Cola Shares at least in the short term.
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