Walmart shares close lower on Monday, Walmart’s Flipkart to launch free video service this month

August 6, 2019 9:24 am

Flipkart, Walmart Inc’s unit based in Bengaluru, India, is about to launch a free video service for all of its 160 million clients later in August, as the on-line retailer explores new ways to reach more users in smaller cities.

Walmart shares closed lower for the ninth time in the past thirteen trading sessions in New York on Monday. It has also been the steepest daily loss since December 20th 2018. The stock went down 3.27% ($3.58) to $105.82, after touching an intraday low at $105.57, or a price level not seen since June 7th ($105.05).

Shares of Walmart Inc have risen 13.60% so far in 2019 compared with a 13.48% gain for the benchmark index, S&P 500 (SPX).

In 2018, Walmart’s stock went down 5.67%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.

Flipkart noted that movies, web series and short videos would be offered on its app, but no original content – at least for the time being.

“We have rolled out the test in among 1% of our customers currently and plan to take it to 100% of them in the next 20 days,” a spokesperson for the company was quoted as saying by Reuters.

“Most consumers’ first touch point with the internet is through online video content and statistics suggest that video content and entertainment play a key role in bridging the gap for consumers to come online and experience ecommerce,” the person also said.

Analyst stock price forecast and recommendation

According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Walmart Inc’s stock price, have a median target of $115.00, with a high estimate of $130.00 and a low estimate of $95.00. The median estimate represents an 8.68% upside compared to the closing price of $105.82 on August 5th.

The same media also reported that at least 14 out of 31 surveyed investment analysts had rated Walmart Inc’s stock as “Buy”, while 10 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

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