Nutrien ( (TSE:NTR) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Nutrien shares are sliding as traders lock in profits after a steep multi-day rally that had been driven by bullish analyst calls and higher fertilizer prices amid Middle East tensions. The market is now reassessing those short-term drivers in light of Nutrien’s recent earnings miss and worries about future supply if sanctions on Belarusian potash ease.
Analysts at Jefferies and Wells Fargo had recently upgraded the stock, helping push it to an almost 30 percent gain for the year before this drop. The current pullback looks more like a correction from stretched levels than a reaction to new negative news, but it has clearly cooled the stock’s earlier momentum.
More about Nutrien
YTD Price Performance: 34.24%
Average Trading Volume: 3,280,703
Technical Sentiment Signal: Buy
Current Market Cap: $39.95B
For further insights into NTR stock on TipRanks’ Stock Analysis page.
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