Short-term traders, who can take higher risk, can look to buy the stock now for a possible target above Rs 830 in the next 3-4 weeks, suggested experts. The stock, which is also a part of the S&P BSE Smallcap index, hit a 52-week high of Rs 899 on November 12, 2023, but failed to hold on to the momentum. It closed at Rs 716 on January 20, 2024, which translates into a downside of over 20%.
CarTrade Tech stock price shows strength, up 3% in market downturn. Sobek Auto India shuts down C2B operations, focuses on expanding Classified division.
The company received 3.4 crore average monthly unique visitors for Q1 FY24, of which 85% were organic, the company filing claimed. The number of listings for auction was 250,103 for Q1 FY24 while the volumes sold via auction was 49,112 during the reporting quarter.
CarTrade Tech share price: On technical setup, the counter's 14-day relative strength index (RSI) came at 70.03. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 69.96. It has a price-to-book (P/B) value of 1.14.
The cost of acquisition of Sobek will be for a consideration of Rs 537.43 crore which is to be paid on the completion date of the acquisition, the company said in a filing to the exchanges. The nature of consideration is cash, the filing added.