Nimble Storage, Inc. (NYSE: NMBL) shares rose in value in early trading today on lower 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 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 Pacific Crest upgraded shares of Nimble Storage, Inc. (NYSE: NMBL) from Sector Weight to Overweight today. The company currently has a rating of Overweight on the shares. The one-year price target of $11.50 is higher than the opening price of $8.40, that has caused a fair amount of other analysts to report on the stock in recent days. Looking back over the last 52 weeks, Nimble Storage, Inc. stock has a high of $9.90. Usually, after analysts assign an upgrade report on a stock, they will later issue other revisions, such as a price target change.
Yesterday Nimble Storage, Inc. (NYSE: NMBL) shares last traded at $8.32, an increase of $0.20 over the previous closing price. Opening at $8.40, they fluctuated from $8.29 and $8.41 throughout the day.
Nimble Storage, Inc. (NYSE: NMBL) currently has a market cap of 728.00M.
Nimble Storage, Inc. (NYSE: NMBL) Average Daily Trading Volume
The stock’s average daily volume is 1,049,850 shares out of a total float 56,133,000 and some 202,011 shares traded hands yesterday, 45 percent lower than the average. lower than normal. Look for trading volume to pick up in the coming days as momentum traders 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 just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you are researching.
Nimble Storage, Inc. (NYSE: NMBL) 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 successful trades.
Trades for Nimble Storage, Inc. (NYSE: NMBL) have ranged from $5.64 – 9.90, and the stock now has a 50-day MA of $8.14 and 200-day MA of $8.02. Today’s last price is 15.96%% lower than the 52 week high of $9.90.
Earnings growth is an important factor to look at when investing in stocks and investors identify companies that have increased their earnings at least 25% or more over the past 3 years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.