Manhattan Associates, Inc. (NASDAQ: MANH) shares fell in early trading today on lower 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 Raymond James Financial, Inc. reiterated a Market Perform rating on shares of Manhattan Associates, Inc. (NASDAQ: MANH) in a reserach note to investors, making it one of the more closely watched stocks on Wall Street. The company currently has a rating of Market Perform on the stock. The one-year price target of $70.38 is higher than the opening price of $51.53, resulting a fair amount of other analysts to comment on the company recently. Looking back over the last 52 weeks, Manhattan Associates, Inc. stock has a high of $68.57. Stock prices sometimes get a jump to the upside when analysts reiterate coverage.
Shares of Manhattan Associates, Inc. (NASDAQ: MANH) opened at $51.53 yesterday trading between $50.01 and $51.66, and last traded at $50.54, a drop of $3.33 over the previous closing price.
Manhattan Associates, Inc. (NASDAQ: MANH) currently has a market cap of 3.60B.
Manhattan Associates, Inc. (NASDAQ: MANH) Average Daily Trading Volume
197,812 shares traded hands yesterday, 28 percent lower than the average, out of a total float 70,602,000. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have substantial teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
Manhattan Associates, Inc. (NASDAQ: MANH) 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 investors to make those trends work in their favor and increase the number of successful trades.
With that in mind, Manhattan Associates, Inc. (NASDAQ: MANH) now has a 50-day MA of $53.14 and 200-day MA of $57.12. It has traded in a 52-week range between $44.14 – 68.57 and today’s last price is 26.29%% lower than the 52 week high of $68.57.
Earnings growth is an important factor to look at when buying stocks and investors watch for companies that have increased their earnings at least 25% or more for 3 consecutive years.
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