Codexis, Inc. (NASDAQ: CDXS) shares rose in value Wednesday Jan 4 with lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks opened higher on Wednesday as banking stocks led the Dow Jones Industrial Average closer to the 20,000 milestone.
The Dow DJIA, +0.18% gained 25 points, or 0.1%, to 19,906. The S&P 500 SPX, +0.36% climbed four points, or 0.2%, to 2,262. The Nasdaq Composite Index COMP, +0.50% added 13 points, or 0.3%, to 5,447.
Analysts at Ladenburg Thalmann upgraded shares of Codexis, Inc. (NASDAQ: CDXS) from Neutral to Buy today. With a rating of Buy on the stock, Codexis, Inc. has a 52-week high of $5.25. The one-year price target of $6.00 is higher than the opening price of $4.80, resulting a fair amount of other analysts to report on the stock in recent days. Usually, after analysts give an upgrade report on a stock, they will subsequently issue periodic revisions, often followed by a price target change.
Codexis, Inc. (NASDAQ: CDXS) shares last traded at $4.65, which represents a jump of $0.15 or 0.03 over the previous closing price. Opening at $4.80, they varied from $4.60 and $4.80 throughout the day.
Codexis, Inc. (NASDAQ: CDXS) now has a market cap of 191.67M.
Codexis, Inc. (NASDAQ: CDXS) Average Daily Trading Volume
The stock’s average daily volume is 95,054 shares out of a total float 24,790,000 and some 14,130 shares traded hands yesterday, lower than normal. lower than normal. Look for trading volume to pick up in the coming days as investors often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have substantial teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you’re considering.
Codexis, Inc. (NASDAQ: CDXS) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
Trades for Codexis, Inc. (NASDAQ: CDXS) have ranged from $2.93 – 5.25, and the stock now has a 50-day MA of $4.81 and 200-day MA of $4.42. Today’s last price is 0.11% under the 52 week high of $5.25.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors look for companies that have been successful at growing their earnings by at least 25% over the past 3 years.
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