1st Source Corporation (NASDAQ: SRCE) shares rose in early trading today on lower trade volume than normal after more analysts initiated coverage on the stock.
Meanwhile, U.S. stocks opened significantly lower in early trading. The Dow Jones Industrial Average was 58 points lower, or 0.29% to 19895, the S&P 500 fell 7 points, or 0.28% to 2268, while the Nasdaq dropped 22 points, or 0.38% to 5542.
Analysts at Piper Jaffray Companies initiated coverage on 1st Source Corporation (NASDAQ: SRCE) stock, starting the company at Overweight. The company currently has a rating of Overweight on the stock. The one-year price target of $40.00 is less than the opening price of $43.91, resulting a fair amount of other analysts to comment on the company in recent days. Looking back over the last 52 weeks, 1st Source Corporation stock has a high of $45.85. Changes in price targets are not unusual as analysts and brokerage firms will issue periodic updates after initiating coverage,.
Yesterday 1st Source Corporation (NASDAQ: SRCE) shares last traded at $44.10, which is a jump of $0.29 over the previous closing price. Opening at $43.91, they ranged from $43.51 and $44.10 throughout the day.
1st Source Corporation (NASDAQ: SRCE) currently has a market cap of 1.14B.
1st Source Corporation (NASDAQ: SRCE) Average Daily Trading Volume
4,323 shares traded hands yesterday, 18 percent lower than normal, out of a total float 8,279,000. 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.
While increased trading for short periods will not mean much 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 commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you’re researching.
1st Source Corporation (NASDAQ: SRCE) 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 winning trades.
Trades for 1st Source Corporation (NASDAQ: SRCE) have ranged from $27.01 – 45.85, and the stock now has a 50-day MA of $42.40 and 200-day MA of $36.40. Today’s last price is 3.81%% under the 52 week high of $45.85.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors identify companies that have increased their earnings by at least 25% over the past 3 years.
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