After a 43% Slide, This Stock Shows 25% Upside!

  • Stock Market Analysis

Shares of IdeaForge Technology have disappointed investors since its listing. The stock marked its debut in July last year, opening at INR 1,300 and is now down to INR 729. This 43.9% value destruction has occurred despite a healthy performance by the broader markets.

But now what? First, technically, the stock seems to be oversold now. The firm bear grip is still intact but the pace at which the stock had been falling has reduced considerably. For the last few weeks, the stock is now trading sideways which is a good sign for a trend reversal.

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There is some resistance around INR 760 which if crossed can take the stock to INR 840 with ease. A breach of this resistance might finally mark a trend reversal and an uptrend might start from thereon.

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On the fundamental side, it is a very small company with a market capitalization of INR 3,126 and operates in the fast-growing drone industry. In the December 2023 quarter, the company depicted a mammoth 865% YoY increase in revenue to INR 97.5 crore while net profit jumped to INR 14.8 crore, from a loss of INR 7.8 crore in the same period last year.

The fair value of the stock as per InvestingPro+ is significantly high, at INR 914, depicting a 25% upside potential. But that’s not all, one analyst covering the stock has initiated a target price of INR 1,607, more than double.

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  • Ravi Ghelada @Ravi Ghelada
    good company 👍
    Like 0
  • Aamit Singh @Aamit Singh
    Idea forge
    Like 1
    • Dinesh Yadav @Dinesh Yadav
      good recommendations
      Like 0
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