HSBC (LON:HSBA) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Shares of HSBC Holdings plc (LON:HSBA - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 775.14 ($10.16) and traded as high as GBX 889.60 ($11.66). HSBC shares last traded at GBX 877.02 ($11.49), with a volume of 18,104,904 shares.

Wall Street Analysts Forecast Growth

HSBA has been the subject of several recent analyst reports. Citigroup boosted their price objective on shares of HSBC from GBX 960 ($12.58) to GBX 1,070 ($14.02) and gave the stock a "buy" rating in a research report on Thursday, March 6th. Bank of America restated a "buy" rating and issued a GBX 1,035 ($13.56) price objective on shares of HSBC in a research note on Tuesday, March 25th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of GBX 918.75 ($12.04).

HSBC Price Performance

The business's 50-day moving average price is GBX 872.57 and its 200-day moving average price is GBX 776.78. The firm has a market capitalization of £188.01 billion, a PE ratio of 8.10, a price-to-earnings-growth ratio of 5.97 and a beta of 0.52.

Insiders Place Their Bets

In other news, insider Georges Elhedery sold 43,451 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of GBX 926 ($12.13), for a total transaction of £402,356.26 ($527,196.36). Also, insider Pam Kaur sold 45,267 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of GBX 861 ($11.28), for a total value of £389,748.87 ($510,677.24). 0.32% of the stock is currently owned by insiders.

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HSBC Company Profile

With assets of $3.0tn and operations in 62 countries and territories at 31 December 2022, HSBC is one of the largest banking and financial services organisations in the world. We serve approximately 39 million personal, wealth and corporate customers through three global businesses. We have around 180,000 shareholders in 126 countries and territories.