New York Times (NYT) stock: a potentially spectacular election rise
The stock price of New York Times (NYSE: NYT) is rising as investors applaud the company’s expanding market share in the US. It has increased despite a difficult moment being experienced by other media organizations such as Buzzfeed, Washington Post, and Messenger. On Friday, the stock reached $49.15, the highest level since November 2021. It is very close to $57.15, its all-time high.
Read More: business
Election expansion in the near future
The New York Times and Washington Post have taken different turns. Puck claims that Jeff Bezos’s firm had to reduce staff after experiencing a 50% drop in website traffic. The corporation has never really bounced back after Trump’s 2020 presidential loss.
On the other side, as its subscription base increases, the NYT is operating at full capacity. The firm reported that it attracted 210k new digital customers in its most recent results. Compared to Q2 of 2021, when it had only 7 million customers, it now has over 10 million.
While total subscription income increased by 9% to $419 million, NYT’s revenue from digital-only subscriptions increased by 16% to $282 million. With a $117 million sales increase, its advertising division is likewise performing well.
Due to the upcoming elections and ongoing geopolitical concerns, the firm is probably going to witness a higher rate of user growth this year. Geopolitically, the conflict in Ukraine is still raging and has the potential to worsen as the nation runs out of money.
There will be increased coverage because it appears like the Middle East problem is becoming worse. Above all, there will be an election in the United States this year, and a lot might happen. One prominent Republican contender, Trump, has many court appearances scheduled for this year. Additionally, he could lose a few of these instances.
However, given his advanced age of 81, several experts predict that Joe Biden would eventually withdraw from the race. The reasoning behind this is straightforward. In surveys, Trump appears to be leading Biden. Simultaneously, it appears like Trump is losing to yet another stereotypical Democrat.
When combined, these occurrences should result in more publicity, which might be advantageous for the NYT. This pattern will not change, particularly if Trump prevails in November. Above all, the business has demonstrated that it can increase sales even in the absence of Trump as president. From $1.4 billion in 2016 to over $2.4 billion in 2023, the company’s yearly sales increased.
New York Times stock price projection
The NYT share price has been on a robust climb since it peaked in September 2022 at $27.08, according to the weekly chart. In August of last year, there was a bullish crossover between the 50-week and 100-week moving averages. The Relative Strength Index (RSI) has also developed an ascending channel at this time.
As a result, the stock’s forecast is optimistic, and $57.15, the peak of 2021, is the next level to keep an eye on. This price is approximately 16.80% more than the going rate.
