First Internet Bancorp (NASDAQ: INBK) shares rose in early trading today on lighter trade volume than normal after more analysts initiated coverage on the stock.
U.S. stocks flipped between small losses and gains early Tuesday morning as investors maintained a cautious stance following a sharp postelection rally.
The S&P 500 index SPX, -0.04% was off by about 1 point, or less than 0.1%, at 2,267, with seven of the 11 main sectors trading lower. The Dow Jones Industrial Average DJIA, -0.13% was off 33 points, or 0.2%, to 19,853.
Meanwhile, the Nasdaq Composite Index COMP, +0.05% traded in record territory, after closing at an all-time high for the second session in a row on Monday.
Analysts at Keefe, Bruyette & Woods initiated coverage on First Internet Bancorp (NASDAQ: INBK) stock, rating the company at Outperform. With a rating of Outperform on the shares, First Internet Bancorp has a 52-week high of $33.00. A number of other analysts have commented on the stock in recent days, and First Internet Bancorp has earned a consensus one-year price target of $35.33, higher than the opening price of $29.75, a difference of 11.72 percent. Analysts and brokerage firms will subsequently publish periodic updates after initiating coverage,. Changes in price targets are not uncommon.
Shares of First Internet Bancorp (NASDAQ: INBK) opened at $29.75 yesterday and traded in a range between, $29.65 and $30.70, and last traded at $30.15, which represents a jump of $0.55 from the previous closing price.
First Internet Bancorp (NASDAQ: INBK) currently has a market cap of 166.82M.
First Internet Bancorp (NASDAQ: INBK) Average Daily Trading Volume
6,663 shares traded hands yesterday, 21 percent below normal, out of a total float 4,824,000. lower than normal. Look for trading volume to pick up in the coming days as momentum traders 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 retain teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
First Internet Bancorp (NASDAQ: INBK) 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 tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
Trades for First Internet Bancorp (NASDAQ: INBK) have ranged from $22.01 – 33.00, and the stock now has a 50-day MA of $29.67 and 200-day MA of $25.48. Today’s last price is 8.64%% lower than the 52 week high of $33.00.
Earnings growth is a crucial factor to consider when buying stocks and investors identify companies that have raised their earnings by at least 25% for 3 consecutive years.
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