Ryerson Holding Corporation (NYSE: RYI) shares rose in value in early trading today on 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 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 KeyCorp upgraded shares of Ryerson Holding Corporation (NYSE: RYI) from Sector Weight to Overweight today. KeyCorp currently has a rating of Overweight on the shares. The one-year price target of $15.00 is higher than the opening price of $14.30, causing a number of other analysts to comment on the company recently. Looking back over the last 52 weeks, Ryerson Holding Corporation stock has a high of $19.71. Stock prices often trend to the upside on recommendations and new price targets of professional analysts.
Shares of Ryerson Holding Corporation (NYSE: RYI) opened at $14.30 yesterday trading between $14.30 and $14.85, and last traded at $14.45, which represents an increase of $0.65 over the previous closing price.
Ryerson Holding Corporation (NYSE: RYI) currently has a market cap of 536.56M.
Ryerson Holding Corporation (NYSE: RYI) Average Daily Trading Volume
39,261 shares traded hands yesterday, 24 percent below normal, out of a total float 15,743,000. lower than normal. Look for trading volume to pick up in the coming days as investors often use increases 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 commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
Ryerson Holding Corporation (NYSE: RYI) 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, Ryerson Holding Corporation (NYSE: RYI) now has a 50-day MA of $14.55 and 200-day MA of $13.11. It has traded in a 52-week range between $2.53 – 19.71 and today’s last price is 26.69%% lower than the 52 week high of $19.71.
Earnings growth is a critical factor to look at when buying stocks and investors identify companies that have raised their earnings at least 25% or more over 3 consecutive years.
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