The past five days have been marked by volatile trading across the ASX, as investors grappled with inflation, interest rates, and recession fears. The ASX 200 fell to a two month low ahead of the market holiday to commemorate the death of Queen Elizabeth II.
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While there were some gainers, more were caught up in the headwinds, losing substantial value over the last week.
Data#3 Limited. (ASX:DTL) and Pinnacle Investment Management Group Limited (ASX:PNI) are among the ASX stocks experienced divergent fortunes over the past week. However, TipRanks’ insights show that analysts remain mostly bullish on both shares.
Data#3 share price forecast shows modest upside after recent surge
Data#3 provides a broad range of IT solutions in areas such as cloud computing, mobility, security, and analytics. The company’s shares rose about 2.7% on Wednesday, bringing their gains over the past week to more than 4%. The shares now trade only a few cents from their 52-week high of AU$6.48 reached in January 2022.
Data#3 pays dividends and its stock currently offers an above-average dividend yield of 2.64% versus the sector average of 0.94%. The company’s next dividend distribution date is set for September 30. The company plans to host its 2022 Annual General Meeting on 27 October.
According to TipRanks’ analyst rating consensus, Data#3 stock is a Moderate Buy. The average Data#3 share price target of AU$6.94 implies over 6.4% upside potential.
Data#3 insiders, such as executives and directors, are bullish on the stock. TipRanks’ Insider Trading Activity tool currently reads Positive for Data#3, with corporate insiders purchasing shares worth $31,800 in the past three months.
Moreover, Data#3 scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicates that the stock has strong potential to outperform market expectations.
Pinnacle Investment share price target show big upside potential after selloff
Pinnacle Investment Management is a diversified investment company. The company’s shares fell more than 5% on Wednesday, bringing their loss over the past week to about 7%. The shares now trade close to their 52-week low of AU$6.39.
Pinnacle has been paying increasing annual dividends over the past three years. The stock currently offers a dividend yield of 3.65%, well above the sector average of 2.11%. Pinnacle initially planned to host its 2022 Annual General Meeting on 27 October but pushed the meeting back to 14 November.
According to TipRanks’ analyst rating consensus, Pinnacle stock is a Moderate Buy. The average PNI share price forecast of AU$11.91 implies over 29% upside potential.
The shares are receiving favourable mentions on financial blogs. TipRanks data shows that financial blogger opinions are 100% Bullish on PNI shares, compared to a sector average of 66%.
Final thoughts
Although Data#3 shares have soared in 2022, they still offer a modest upside potential for investors at the current price, according to analysts. As for Pinnacle, its declines offers bargain hunters an opportunity to buy the dip with substantial upside potential. For those investing for the income, Data#3 and Pinnacle shares are worth considering given their robust dividend yields.
