Exact Sciences Corporation (NASDAQ: EXAS) shares rose in early trading today on heavier trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile, U.S. stocks edged lower Monday, with major indexes retreating from record levels.
The Dow Jones Industrial Average DJIA, -0.31% fell 48 points, or 0.2%, to 19,916, while the S&P 500 index SPX, -0.29% lost 5 points to 2,272, a drop of 0.2%. The Nasdaq Composite Index COMP, -0.03% rose 4 points to 5,529, a gain of about 0.1%.
Analysts at Canaccord Genuity reiterated a Buy rating on shares of Exact Sciences Corporation (NASDAQ: EXAS) in a reserach note to investors, making it one of the more closely watched stocks on Wall Street. With a rating of Buy on the stock, Exact Sciences Corporation has a 52-week high of $22.80. A number of other analysts have spoken on the stock recently, and Exact Sciences Corporation has earned a consensus one-year price target of $20.00, higher than the opening price of $17.55, a difference of 11.34 percent. Usually, after analysts issue a “reiterated rating” report on a stock, they will subsequently issue recurring updates, usually followed by a price target change.
Yesterday Exact Sciences Corporation (NASDAQ: EXAS) shares last traded at $17.64, which is an increase of $2.54 compared to the previous closing price. Opening at $17.55, they fluctuated from $17.12 and $18.45 throughout the day.
Exact Sciences Corporation (NASDAQ: EXAS) currently has a market cap of 1.91B.
Exact Sciences Corporation (NASDAQ: EXAS) Average Daily Trading Volume
The stock’s average daily volume is 2,399,850 shares out of a total float 105,729,000 and some 3,086,491 shares crossed the trading desk yesterday, 55 percent above the average. higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
While increased trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts researching thousands of stocks, so it is good validation to see them buying a stock you’re researching.
Exact Sciences Corporation (NASDAQ: EXAS) 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 spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
With that in mind, Exact Sciences Corporation (NASDAQ: EXAS) now has a 50-day MA of $14.32 and 200-day MA of $16.49. It has traded in a 52-week range between $4.67 – 22.80 and today’s last price is 22.63%% lower than the 52 week high of $22.80.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors seek companies that have raised their earnings at least 25% or more over 3 consecutive years.
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