Cameco Corporation (NYSE: CCJ) shares rose in value in early trading today on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
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 Bank of America Corporation upgraded shares of Cameco Corporation (NYSE: CCJ) from Underperform to Neutral today. Bank of America Corporation currently has a rating of Neutral on the shares. As a means of comparison, a number of other analysts have commented on the company in recent days, and Cameco Corporation has earned a consensus one-year price target of $11.15, less than the opening price of $12.78, a difference of 8.54 percent. Cameco Corporation stock has a 52-week high of $13.59. Usually, after analysts assign an upgrade report on a stock, they will later issue sporadic updates, often followed by a price target change.
Shares of Cameco Corporation (NYSE: CCJ) opened at $12.78 yesterday and traded in a range between, $12.77 and $13.36, and last traded at $13.06, which represents a spike of $0.63 over the previous closing price.
Cameco Corporation (NYSE: CCJ) now has a market cap of 5.17B.
Cameco Corporation (NYSE: CCJ) Average Daily Trading Volume
2,183,562 shares crossed the trading desk yesterday, 66 percent below the norm, out of a total float 395,206,000. lower than normal. Look for trading volume to pick up in the coming days as swing traders 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.
These professional investors have teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
Cameco Corporation (NYSE: CCJ) 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 Cameco Corporation (NYSE: CCJ) have ranged from $7.41 – 13.59, and the stock now has a 50-day MA of $10.31 and 200-day MA of $9.46. Today’s last price is 3.90%% under the 52 week high of $13.59.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors seek companies that have grown their earnings at least 25% or more over 3 consecutive years.
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