Zomato stock price soars to a 52-week high, rising over 50% in the past 2 months

Zomato shares reached a 52 week high , rising roughly 53% in the previous two months.

The stock rose as high as ₹77.9 a share, to close 2.7% higher, which is the highest price since April 26, 2022. Today,

Since March, the stock has increased by 53%. On November 15, 2021, it reached a record closing high of ₹160.30; it is still down 52% from that point.

Investors are purchasing the stock as a result of a number of favourable circumstances, including an improvement in earnings and Chris Woods of Jefferies' recent addition of the stock to two of his long-only portfolios with a weight of 4% each.

The company had previously disclosed a narrower loss for the March quarter, which analysts found encouraging. Zomato's net loss decreased from ₹360 crore a year ago and ₹345 crore a quarter ago to ₹188 crore. Zomato's total revenue rose by 70% year over year to ₹2,056 crore.

Who is Chris Woods of Jefferies

Chris Woods is a financial analyst and the Global Head of Equity Strategy at Jefferies. He has frequently been referred to as Asia's 'best strategist' by publications like asia money and Institutional Investor.