Published: December 7, 2025
Walmart Inc. (NYSE: WMT) heads into the new trading week sitting just below record highs, powered by strong holiday momentum, a looming switch to the Nasdaq, and increasingly tech‑centric strategy. Here’s a comprehensive look at what traders and long‑term investors should know before U.S. markets open on Monday, December 8, 2025.
1. Where Walmart Stock Stands Right Now
As of Friday’s close (December 5, 2025), Walmart shares finished around $115.11, up roughly 0.24% on the day and near their recent 52‑week high of $116.27. [1]
Extended trading data shows WMT changing hands only a few cents higher after the close, suggesting a calm tape heading into Monday’s pre‑market session. [2]
Over the past month, Walmart stock has:
- Gained about 13% over 30 days
- Risen roughly 21% over the last 12 months [3]
From a longer‑term perspective, the stock’s lowest closing price over the past five years was about $37.78 in June 2022. At roughly $115 today, shares are up nearly 150% from that trough. [4]
Key valuation and balance‑sheet snapshot based on recent data:
- Market cap: ≈ $918 billion
- Trailing P/E: ~40x
- Price‑to‑sales: ~1.3x
- Net margin: ≈ 3.3%
- Return on equity: ≈ 24% [5]
In short: Walmart is trading like a premium, quasi‑“platform” retailer near all‑time highs, not like a shaky consumer defensive stock.
2. Monday’s Big Backdrop: Last Day on NYSE Before the Nasdaq Switch
One of the biggest near‑term catalysts isn’t happening on December 8, but around it.
- Walmart will transfer its listing from the New York Stock Exchange to the Nasdaq Global Select Market this week. Official filings and Nasdaq Trader notices indicate that NYSE trading is expected to end at the close on Monday, December 8, with Nasdaq trading under the same ticker “WMT” beginning on Tuesday, December 9. [6]
- Reuters notes that the move is the largest exchange transfer on record, and underscores Walmart’s push to brand itself as a “technology‑forward” retailer using automation and AI across its operations. [7]
- Strategists quoted in the same report highlight that once WMT trades on Nasdaq, it is likely to join the Nasdaq‑100, putting it alongside names like Apple, Microsoft and Nvidia and potentially drawing fresh demand from tech‑tilted index and ETF products. [8]
What this means for Monday, December 8
- Monday is effectively Walmart’s final full session as an NYSE stock, so any funds or mandates that are exchange‑specific (or benchmarked to NYSE‑only baskets) may adjust positions by the close.
- Some investors may also try to “front‑run” flows related to anticipated Nasdaq‑100 inclusion, even though index rebalancings aren’t instantaneous.
You’re likely to see heightened focus on closing‑cross volume and end‑of‑day liquidity in WMT on Monday, even if intraday volatility remains modest.
3. Holiday Momentum: E‑Commerce and Higher‑Income Shoppers
Q3 results set the tone
Walmart’s latest reported quarter (fiscal Q3, released November 20) laid the groundwork for the current rally:
- Revenue: About $179.5 billion, up 5.8% year‑over‑year
- EPS: Roughly $0.62, modestly ahead of consensus (~$0.60)
- U.S. comparable sales: Up about 4.5%
- E‑commerce: Mid‑to‑high‑20s percentage growth (around 27–28%), driven by store‑fulfilled delivery and marketplace expansion [9]
Management raised full‑year guidance, now calling for:
- Net sales growth: ~4.8–5.1%
- Adjusted operating income growth: ~4.8–5.5%
- FY 2026 EPS: Roughly $2.58–2.63 [10]
A 24/7 Wall St. analysis on December 7 points out that net income jumped 33% and e‑commerce grew 27% in Q3, with Walmart spending about $18.6 billion in capital expenditures this year, much of it on logistics and digital infrastructure to support same‑day delivery and pickup. [11]
Black Friday, Cyber Monday and the “tech retailer” narrative
Corporate and third‑party data paint a picture of a robust, tech‑enabled holiday season:
- Walmart’s own holiday announcements highlight thousands of deals under $20, record‑speed delivery, and the ability to reach about 95% of U.S. households within three hours for many online orders—leveraging its stores as fulfillment nodes. [12]
- A recent Barchart column notes that U.S. shoppers spent a record ~$11.8 billion online on Black Friday, strengthening the case that the consumer is still spending—even as they demand value. [13]
- A 24/7 Wall St. piece earlier this month described Walmart’s latest earnings as reinforcing its place as the dominant U.S. retailer, and pointed to Black Friday data from Mastercard showing U.S. retail sales rising over 4% year‑on‑year. [14]
At the same time, Reuters reporting on Cyber Week pointed out that shoppers at Walmart and Target cut back on impulse buys and increasingly used buy‑now‑pay‑later (BNPL) services, a sign that even higher‑income customers are becoming more deliberate. [15]
Taken together, the data suggest:
- Demand is solid, particularly online and among more affluent households that have migrated to Walmart for value.
- Customer behavior is shifting, with more budget‑conscious and planned purchasing, which could cap upside on discretionary categories if macro conditions worsen.
4. Strategy Shift: Serving Wealthier, Urban and Digital‑First Customers
Several recent pieces underscore how Walmart is repositioning itself:
- At the UBS Global Technology and AI Conference 2025 earlier this month, Walmart executives emphasized technology and innovation—especially automation, data and AI—as central to its future growth, according to summaries of the conference transcript. [16]
- An Investopedia report from December 3 details how Walmart is exploring “dark format” urban locations—fulfillment‑focused stores that customers don’t enter—to serve higher‑income city dwellers who increasingly use Walmart’s delivery services. Executives credited six‑figure‑income households for a significant portion of recent growth. [17]
- In Reuters’ coverage of the upcoming exchange switch, Walmart’s CFO highlighted AI and automation as reasons the retailer feels more aligned with Nasdaq, reinforcing the idea that WMT wants to trade in the mental bucket of “big, tech‑enabled platforms,” not just traditional big‑box retail. [18]
For investors before Monday’s open, the key takeaway is that narrative risk has flipped:
- A few years ago, the fear was that Walmart would be permanently out‑innovated by Amazon and other e‑commerce players.
- Today, much of the bullish argument is that Walmart itself has become a technology‑heavy logistics and advertising platform that still happens to run a giant store base.
That narrative helps justify a richer multiple—but also raises the bar for future execution.
5. Fresh News From December 7: Institutional Moves and New Analysis
The user specifically wanted news, forecasts and analysis dated December 7, 2025. Here are the most relevant pieces:
5.1 Institutional ownership shifts
Several new 13F‑style institutional ownership summaries were published on December 7:
- California Public Employees’ Retirement System (CalPERS)
- Trimmed its Walmart position by about 11% in Q2.
- Despite the sale, Walmart still represents roughly 0.7% of the CalPERS portfolio and remains one of its larger holdings (around the top 20). [19]
- Dnca Finance
- Increased its stake by about 5.1% to roughly 371,500 shares, worth over $36 million, making Walmart its 10th‑largest holding at about 2.8% of its portfolio. [20]
- Bollard Group LLC
- Raised its Walmart position by about 6.2%, adding over 17,000 shares and bringing its stake to roughly 292,000 shares. [21]
MarketBeat’s aggregation of these filings also notes:
- Institutional investors collectively own around 26–27% of Walmart’s shares.
- Major holders include Vanguard, which has increased its position and now holds over 430 million shares, and new large stakes initiated by Norges Bank and Nuveen in recent quarters. [22]
Interpretation for Monday
- The mixed signal—one large public pension trimming while other funds add—suggests normal portfolio rebalancing, not a broad institutional exodus or stampede.
- The fact that Walmart remains a top‑tier holding for major institutions is generally supportive of the longer‑term bull case, even as some managers lock in gains after a sharp run‑up.
5.2 New comparative analysis vs. Costco
A same‑day article from 24/7 Wall St., “Costco Holds Steady While Walmart Bets Big on E‑Commerce Transformation,” emphasizes:
- Walmart’s Q3 e‑commerce growth of 27% vs Costco’s 13.6%.
- Walmart’s net income up 33% vs Costco’s ~11% gain.
- Roughly $18.6 billion in capex this year, much of it aimed at logistics and digital infrastructure, supporting faster delivery and omnichannel capabilities.
- Even after the rally, Walmart trades at around 40x earnings, compared with Costco’s ~49x, according to the piece. [23]
The author frames Walmart as the more growth‑oriented, omnichannel play, versus Costco as the more defensive, membership‑fee‑driven option.
For Monday’s open, this sort of comparative coverage can:
- Reinforce relative‑value interest in WMT vs. other big‑box names.
- Attract growth‑oriented investors who are comfortable paying up for faster digital expansion.
5.3 Updated multi‑analyst forecast roundup
A detailed forecast update from TickerNerd, last refreshed on December 7, pulls together Wall Street projections:
- Based on 56 analysts, Walmart carries:
- 39 Buy ratings
- 1 Hold
- 1 Sell
- Median 12‑month price target:$120
- High target:$130 (from Tigress Financial’s Ivan Feinseth)
- Low target:$62
- With the current price around $115.11, the median target implies roughly 4% upside; the top target implies ~13% upside. [24]
Other aggregators are similar:
- MarketBeat data show a “Moderate/Strong Buy” consensus with around 30+ Buy ratings, virtually no Sells, and an average target near $119. [25]
- TradingView’s analyst overview shows a max target of $130 and a floor in the low‑$100s, again implying modest upside with a bullish tilt. [26]
Key point: after the strong rally into year‑end, most published targets are only a few percentage points above Friday’s close, which may limit near‑term upside unless earnings expectations move higher again.
6. Risk Check: Valuation, Margins and the Fed
Elevated valuation and margin pressure
Several recent analyses flag valuation risk:
- FinanceCharts and other data providers categorize Walmart among large caps near 52‑week highs, with a P/E around 40x and a price‑to‑sales ratio near 1.3x, higher than its long‑term average. [27]
- Operating margins are still thin—around 3.7%, with net margins near 3.3%, leaving less room for error if promotions intensify or consumers pull back. [28]
The 24/7 article comparing Walmart and Costco explicitly questions whether Walmart can sustain 27% e‑commerce growth without further margin erosion, given the heavy capex bill and intense competition. [29]
Macro headwind/ tailwind mix
The macro calendar is also critical this week:
- The Federal Reserve’s final FOMC meeting of 2025 is scheduled for December 9–10, with a rate decision and press conference on December 10. Official Fed calendars and multiple market commentaries confirm this timing. [30]
- Recent coverage from Reuters, FT and other outlets suggests markets are pricing roughly an 80–90% probability of another 25‑basis‑point rate cut, though Fed officials remain divided and a hold is still possible. [31]
For Walmart stock, the implications are nuanced:
- Lower rates generally support high‑multiple stocks and consumer spending, which is a tailwind for a near‑$1 trillion retailer.
- However, the more the market prices in cuts and resilient demand, the harder it becomes for any one retailer—Walmart included—to positively surprise.
Investors heading into Monday’s open will be watching not only Walmart‑specific news but also broader shifts in risk appetite as traders position for Wednesday’s Fed announcement.
7. Pre‑Market Watchlist for Walmart on December 8
Here are the key variables to monitor before and during Monday’s session:
- Pre‑market indication vs. “fair open” models
- One quantitative service currently estimates a “fair opening price” for Monday around $115.35, just a fraction of a percent above Friday’s close—essentially signaling a flat start absent new catalysts. [32]
- Any significant gap away from that level in early pre‑market trading would likely be tied to macro headlines or fresh WMT‑specific news.
- Liquidity and volume into the NYSE close
- Because Monday is expected to be Walmart’s last day trading on NYSE before moving to Nasdaq, watch for elevated closing‑auction volume as NYSE‑linked managers rebalance or exit. [33]
- Options and sentiment around the Nasdaq switch
- Some traders may position for short‑term volatility around December 9, anticipating index‑related flows or a retail‑to‑tech narrative boost.
- Articles from outlets like Barchart explicitly frame the Nasdaq move as a potential catalyst for new demand and “re‑rating” over time. [34]
- Holiday demand updates or channel checks
- Any new data on December sales, returns, or BNPL trends could quickly filter into Walmart’s valuation, given how central the holiday quarter is to the bull thesis. Reuters’ recent coverage already shows consumers becoming more selective, even as total online spending climbs. [35]
8. Bottom Line: How Walmart Looks Heading Into the December 8 Open
Putting it all together:
- Momentum: The stock has surged into early December, up double digits in a month and near all‑time highs.
- Fundamentals: Latest results show mid‑single‑digit revenue growth, strong e‑commerce expansion and rising net income, with guidance raised for FY 2026. [36]
- Narrative: Walmart is increasingly viewed as a tech‑enabled omnichannel platform, not just a discount grocer—and the move to Nasdaq reinforces that message. [37]
- Ownership and sentiment: Institutional investors continue to add and trim in normal rotation, but overall ownership remains deep, and analyst sentiment is broadly bullish, with median targets clustered modestly above current levels. [38]
- Risks: Valuation is rich relative to historical norms, margins are thin, and both consumer behavior and Fed policy could shift quickly if the economic backdrop deteriorates more than expected. [39]
For traders and investors watching the tape before Monday’s open, Walmart is entering the week as:
A near‑trillion‑dollar, tech‑leaning retail giant riding holiday momentum and a landmark exchange switch—priced for success, but still exposed to execution, macro and valuation risk.
Nothing in this article is financial advice or a recommendation to buy or sell any security. It’s a synthesis of publicly available news and analysis as of December 7, 2025, intended to help you understand the key factors likely to drive Walmart’s stock as markets open on December 8, 2025.
References
1. stock.walmart.com, 2. www.marketbeat.com, 3. www.financecharts.com, 4. www.statmuse.com, 5. tickernerd.com, 6. www.nasdaqtrader.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. 247wallst.com, 12. corporate.walmart.com, 13. www.barchart.com, 14. 247wallst.com, 15. www.reuters.com, 16. www.marketscreener.com, 17. www.investopedia.com, 18. www.reuters.com, 19. www.marketbeat.com, 20. www.marketbeat.com, 21. www.marketbeat.com, 22. www.marketbeat.com, 23. 247wallst.com, 24. tickernerd.com, 25. www.marketbeat.com, 26. www.tradingview.com, 27. www.financecharts.com, 28. 247wallst.com, 29. 247wallst.com, 30. www.federalreserve.gov, 31. www.reuters.com, 32. stockinvest.us, 33. www.nasdaqtrader.com, 34. www.barchart.com, 35. www.reuters.com, 36. www.reuters.com, 37. www.reuters.com, 38. www.marketbeat.com, 39. 247wallst.com
