Titan Machinery Inc. (NASDAQ: TITN) 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 Aegis initiated coverage on Titan Machinery Inc. (NASDAQ: TITN) stock, starting the company at Buy. With a rating of Buy on the stock, Titan Machinery Inc. has a 52-week high of $15.93. A number of other analysts have spoken on the company recently, and the company has secured a consensus one-year price target of $16.07, above the opening price of $14.28, a difference of 11.24 percent. After initiating coverage,, analysts and brokerage firms will subsequently re periodic updates. Changes in price targets are not uncommon.
Yesterday Titan Machinery Inc. (NASDAQ: TITN) shares last traded at $14.30, which represents a jump of $0.35 from the previous closing price. Opening at $14.28, they fluctuated from $14.28 and $14.83 throughout the day.
Titan Machinery Inc. (NASDAQ: TITN) now has a market cap of 303.31M.
Titan Machinery Inc. (NASDAQ: TITN) Average Daily Trading Volume
The stock’s average daily volume is 123,749 shares out of a total float 17,075,000 and some 10,500 shares traded hands yesterday, 45 percent below normal. 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.
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.
These instituitional investors have teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
Titan Machinery Inc. (NASDAQ: TITN) 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 winning trades.
Trades for Titan Machinery Inc. (NASDAQ: TITN) have ranged from $7.87 – 15.930, and the stock now has a 50-day MA of $14.33 and 200-day MA of $11.56. Today’s last price is 10.26%% lower than the 52 week high of $15.93.
Earnings growth is a crucial factor to research when buying stocks and investors identify companies that have been successful at growing their earnings at least 25% or more over the past 3 years.
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