Walmart Stock Jumps 2.7% as Strong Earnings Boost Confidence

Walmart Inc. (NASDAQ:WMT) saw its stock price rise by 2.7% on Monday, reaching as high as $106.60 and trading at $106.49 by mid-day. Approximately 33.48 million shares changed hands during this time, a 30% increase from the average daily volume of around 26 million shares.

The company's quarterly results were announced earlier in August, showing adjusted earnings per share (EPS) of $0.81, exceeding analyst estimates by $0.07. Revenue for the quarter increased nearly 6% to $187.94 billion, and full-year sales guidance was raised to 4%-5% growth.

Wall Street analysts have weighed in on Walmart's stock, with TD Cowen reiterating a 'buy' rating and Morgan Stanley reaffirming an 'overweight' rating with a target price of $125.00. The company has a consensus rating of 'Moderate Buy' and a consensus price target of $131.88.