Meta Financial Group, Inc. (NASDAQ: CASH) 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 FBR & Co initiated coverage on Meta Financial Group, Inc. (NASDAQ: CASH) stock, starting the company at Outperform. With a rating of Outperform on the shares, Meta Financial Group, Inc. has a 52-week high of $106.85. As a means of comparison, a number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $109.33, above the opening price of $104.55. Changes in price targets are not unusual as analysts and brokerage firms will issue periodic updates after beginning or initiating coverage.
Yesterday Meta Financial Group, Inc. (NASDAQ: CASH) shares last traded at $104.95, which is a spike of $1.90 from the previous closing price. Opening at $104.55, they ranged from $103.68 and $104.95 throughout the day.
Meta Financial Group, Inc. (NASDAQ: CASH) currently has a market cap of 964.28M.
Meta Financial Group, Inc. (NASDAQ: CASH) Average Daily Trading Volume
6,733 shares crossed the trading desk yesterday, 91 percent below the norm, out of a total float 8,608,000. lower than normal. Look for trading volume to pick up in the coming days as investors 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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have substantial teams of analysts that research thousands of stocks, so it is good corroboration to see them buying a stock you are considering.
Meta Financial Group, Inc. (NASDAQ: CASH) 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.
With that in mind, Meta Financial Group, Inc. (NASDAQ: CASH) now has a 50-day MA of $97.54 and 200-day MA of $70.26. It has traded in a 52-week range between $36.22 – 106.85 and today’s last price is 1.78%% lower than the 52 week high of $106.85.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors identify companies that have increased their earnings by at least 25% over 3 consecutive years.
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