SiteOne Landscape Supply Inc. ($SITE) Stock Forecast: Down 5.1% Today

What is SiteOne Landscape Supply Inc.?

SITE, a tech company offering website building services for small businesses, is currently experiencing a bullish market sentiment. Top Wall Street analysts have recently upgraded their outlook on Shopify Inc.

Why is SiteOne Landscape Supply Inc. going down?

SITE stock is down 5.1% on Dec 10, 2024 14:53

• The bearish movement of SITE's stock could be attributed to profit-taking by investors following a recent price surge.
• Amidst the optimistic market sentiment, investors may be reallocating funds from SITE to other promising stocks, particularly in light of Shopify Inc.'s recent upgrade.
• The fluctuation in analyst ratings could be prompting investors to adjust their portfolios, resulting in a temporary decrease in SITE's stock price.
• It is plausible that investors are diverting their attention towards companies like Shopify Inc. with positive upgrades, leading to a sell-off in SITE as they fund new positions.

SITE Price Chart

SITE Technical Analysis

SITE News

This Shopify Analyst Turns Bullish; Here Are Top 5 Upgrades For Friday - Shopify ( NYSE:SHOP ) , Transocean ( NYSE:RIG )

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page. Loop Capital analyst Anthony Chukumba upgraded the rating for Shopify Inc.

https://www.benzinga.com/24/12/42361378/this-shopify-analyst-turns-bullish-here-are-top-5-upgrades-for-friday

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SiteOne Landscape Supply Inc. Price History

11.09.2024 - SITE Stock was up 5.2%

• A recent analyst coverage initiation on Builders FirstSource with a bullish note may have boosted market sentiment, potentially bolstering investor confidence in the construction sector.
• The initiation of a Hold rating on Align Technology, Inc. could have drawn attention away from SITE, prompting investors to explore alternate sectors like technology and healthcare.
• The increase in SITE's stock price was likely influenced by a mix of sector-specific developments and a shift in investor focus towards different industries, driving favorable trading activity throughout the day.

10.11.2024 - SITE Stock was down 5.1%

• The bearish movement of SITE's stock could be attributed to profit-taking by investors following a recent price surge.
• Amidst the optimistic market sentiment, investors may be reallocating funds from SITE to other promising stocks, particularly in light of Shopify Inc.'s recent upgrade.
• The fluctuation in analyst ratings could be prompting investors to adjust their portfolios, resulting in a temporary decrease in SITE's stock price.
• It is plausible that investors are diverting their attention towards companies like Shopify Inc. with positive upgrades, leading to a sell-off in SITE as they fund new positions.

13.01.2024 - SITE Stock was down 5.7%

• The bearish movement of SITE today could be attributed to the following factors:
• 1. Performance-based stock plan: SiteOne Landscape Supply's decision to incentivize its officers with performance stock units might have raised concerns among investors, potentially leading to a sell-off of the stock.
• 2. Relative price strength: There has been an improvement in the Relative Strength (RS) Rating of SITE, indicating strengthened price performance. However, this positive development may not have sufficiently counteracted the prevailing bearish sentiment in the market, resulting in the downturn of the stock.
• 3. Market conditions: The negative movement of SITE's stock price could be influenced by the overall bearish sentiment observed in the market today. Various factors such as economic indicators, global events, or investor sentiment could have contributed to this negative market sentiment, impacting SITE's performance.

21.02.2024 - SITE Stock was up 5.1%

• The upgrade in SiteOne Landscape Supply's Relative Strength (RS) Rating from 67 to 73 indicates improved technical strength, potentially attracting more investors to the stock.
• The selling of 10,000 shares by the CEO, Doug Black, could be seen as profit-taking or a strategic move, but it did not deter the overall bullish sentiment towards the stock.
• The combination of the RS Rating upgrade and the CEO's share sale might have created a mixed sentiment among investors, but the bullish market movement prevailed due to the positive technical outlook of the company.

05.05.2024 - SITE Stock was down 5.4%

• SITE's stock saw a significant decline today, possibly influenced by profit-taking following a recent uptrend.
• Investor focus shifted towards HealthEquity Inc. (HQY) due to a positive earnings projection, leading to a decline in SITE's stock.
• The underwhelming earnings results from Designer Brands Inc. (DBI) in the retail sector likely contributed to a cautious investor sentiment, impacting SITE's stock.
• Market uncertainties, including a decrease in crude oil prices affecting Exxon Mobil Corp. (XOM), may have further pressured SITE's stock downward.

15.01.2024 - SITE Stock was up 8.5%

• The bullish movement in SITE's stock can be attributed to several factors:
• 1. Strong sales growth: A notable increase in sales growth reported by SITE indicates that the company is performing well and meeting market expectations.
• 2. Performance-based stock plan: SITE has implemented a strategy to drive performance and align the interests of its executives with shareholders by incentivizing officers with performance stock units. This can boost investor confidence.
• 3. Improved price strength: SITE's Relative Strength (RS) Rating has been on the rise, indicating that the stock has been outperforming a majority of other stocks in terms of price strength. This has attracted investors' attention and potentially driven the bullish movement.
• Overall, SITE's strong sales growth, implementation of performance-based incentives, and improved price strength have likely contributed to the bullish movement in the stock.

12.05.2024 - SITE Stock was up 5.6%

• The recent acquisition of Cohen & Cohen Natural Stone by SiteOne Landscape signifies a strategic expansion into the Canadian market, broadening its hardscape product range.
• SiteOne Landscape's acquisitions, including Cohen & Cohen and AC Florida Pavers, LLC, showcase the company's proactive growth strategy and market diversification efforts.
• These acquisitions are likely to be well-received by investors due to the company's commitment to expanding its product offerings and geographical presence, potentially resulting in increased revenue and market share in the future.

14.01.2024 - SITE Stock was up 8.1%

• Several factors contributed to the upward movement in SITE's stock today:
• 1. Strong Q4 earnings: Despite reporting a loss, the market reacted positively to the company's earnings report, signaling possible improvements in its financial performance.
• 2. Performance-based stock plan: SITE announced a program incentivizing its officers with performance stock units. This move boosted investor confidence, indicating alignment of executive compensation with company performance.
• 3. Improved price strength: SITE's Relative Strength (RS) Rating has upgraded, surpassing many other stocks in terms of price strength. This attracted investors seeking stocks with strong momentum.
• 4. Overall market trend: The bullish movement in SITE's stock may also reflect the positive growth in the landscape supply industry, fueled by increased demand for landscaping services and construction activities.
• In conclusion, favorable earnings sentiment, performance-based incentives, improved price strength, and a positive market trend likely contributed to the upward movement in SITE's stock.

10.03.2024 - SITE Stock was down 5.6%

• The announcement of the first quarter 2024 earnings release date and conference call may have raised concerns among investors about the company's financial performance.
• Despite the positive adjustment to its Relative Strength (RS) Rating, the overall market sentiment might have shifted, leading to a bearish movement in SITE stock.
• Investors may be taking profits following a previous uptrend in the stock, contributing to the bearish movement today.
• Uncertainties surrounding the company's future growth prospects could also be influencing the bearish sentiment among traders.

14.01.2024 - SITE Stock was down 5.7%

• The bearish movement in SITE's stock today can be attributed to a combination of factors:
• 1. Poor Q4 earnings: A reported loss of $3.4 million in the fourth quarter may have disappointed investors, leading to a sell-off of the stock.
• 2. Performance-based stock plan: The news of SiteOne Landscape Supply incentivizing its officers with performance stock units may have raised concerns among investors about the company's financial performance and future prospects.
• 3. Relative price strength: An upgrade in the Relative Strength (RS) Rating for SITE indicates improved price strength. However, it is possible that investors were expecting a higher rating, leading to a negative reaction in the stock price.
• Overall, the bearish movement in SITE's stock today can be attributed to a combination of disappointing earnings, concerns about the performance-based stock plan, and potentially high investor expectations regarding relative price strength.

04.05.2024 - SITE Stock was down 9.9%

• SITE had a bearish movement, potentially influenced by the underperformance of Designer Brands Inc. (DBI), which also reported lower-than-expected earnings.
• The negative trend in the market for footwear and accessories retailers, as seen with DBI, might have spilled over to SITE, impacting investor sentiment.
• The general decline in certain sectors, such as retail and consumer goods, could have led to a broader sell-off in tech stocks like SITE, contributing to its bearish movement today.

07.07.2024 - SITE Stock was down 5.0%

• The bearish movement in SITE's stock today may have been influenced by recent questions raised about the company's valuation.
• Negative investor reaction to SITE's performance relative to market indices led to a sell-off of the stock.
• Concerns regarding SITE's valuation raised by recent analysis likely contributed to the decline in the stock price.
• The reevaluation of SITE's market position following this update prompted heightened selling pressure and a bearish trend for the stock.