Progressive Corporation (The) (PGR) Shares Active after Upgrade at Goldman Sachs Group, Inc. (The)

Progressive Corporation (The) (NYSE: PGR) 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.

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 Goldman Sachs Group, Inc. (The) upgraded shares of Progressive Corporation (The) (NYSE: PGR) from to Hold today. Goldman Sachs Group, Inc. (The) currently has a rating of Hold on the shares. The one-year price target of $34.07 is a decrease compared to the opening price of $35.98, causing a fair amount of other analysts to report on the stock recently. Looking back over the last 52 weeks, Progressive Corporation (The) stock has a high of $36.20. Typically, after analysts assign an upgrade report on a stock, they will later issue periodic revisions, often followed by a price target change.

Shares of Progressive Corporation (The) (NYSE: PGR) opened at $35.98 yesterday trading between $35.81 and $36.20, and last traded at $36.17, which represents a spike of $0.45 compared to the previous closing price.

Progressive Corporation (The) (NYSE: PGR) now has a market cap of 21.00B.

Progressive Corporation (The) (NYSE: PGR) Average Daily Trading Volume

599,782 shares crossed the trading desk yesterday, 34 percent lower than the average, out of a total float 577,023,000. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.

While increased trading for one day will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.

Institutional sponsorship just refers to 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. Thus, watching their interests is a good way to make sure you are buying the right stocks.

Progressive Corporation (The) (NYSE: PGR) 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 Progressive Corporation (The) (NYSE: PGR) have ranged from $29.32 – 36.200, and the stock now has a 50-day MA of $34.67 and 200-day MA of $32.90. Today’s last price is 0.10%% below the 52 week high of $36.20.

Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors look for companies that have increased their earnings at least 25% or more over the past 3 years.

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