The Barclays share price was in the green earlier on Wednesday as it faces a $326 million lawsuit. The BARC stock has been on an up run for the past week, climbing nearly 6%. The stock has jumped more than 35% this year and is currently hovering below its highest level this year. The company has a total market capitalization of £31.70 billion.
BARC Fundamental Analysis
Barclays Plc is a global financial services provider that operates in major countries like the United States and Canada. The company is ranked among the major banks in the United Kingdom. It works in two divisions: Barclays UK and Barclays International.
The financial company was recently sued for $326 million for its alleged involvement in a derivatives fiasco that almost kicked a Dutch housing provider out of business. Stichting Vestia nearly collapsed in 2012 after racking up more than €2 billion in losses. This was after derivatives that were supposed to be part of a hedging strategy were reported to be flawed due to bribes. The company refused to comment on the suit.
According to analysts, the Barclays share price has an upside potential. The bank topped revenues and earnings expectations in the second quarter this year. It reported total revenues of $5.4 billion, which was better than expected. The company will be in the spotlight in October as it releases its Q3 earnings on October 21.
Barclays Share Price Outlook
The daily chart shows that the Barclays share price has been on a rebound for the past week. At the time of writing, it was trading higher at 188p. It is moving above the 25-day and 50-day exponential moving averages, which is usually considered a bullish sign.
Therefore, the BARC stock price is likely to extend its bullish outlook in the upcoming month. If this happens, the next logical target will be the key resistance level at 190.90p.