FirstCash Inc (NASDAQ: FCFS) shares closed lower 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 Stephens initiated coverage on FirstCash Inc (NASDAQ: FCFS) stock, starting the company at Equal Weight. With a rating of Equal Weight on the stock, FirstCash Inc has a 52-week high of $53.95. A number of other analysts have spoken on the stock recently, and FirstCash Inc has earned a consensus one-year price target of $53.29, above the opening price of $44.70, a difference of 12.08 percent. Changes in price targets are not uncommon as analysts and brokerage firms will publish periodic updates after beginning or initiating coverage.
Shares of FirstCash Inc (NASDAQ: FCFS) opened at $44.70 yesterday and traded in a range between, $43.70 and $45.00, and last traded at $44.10, a drop of $1.45 over the previous closing price.
FirstCash Inc (NASDAQ: FCFS) currently has a market cap of 2.14B.
FirstCash Inc (NASDAQ: FCFS) Average Daily Trading Volume
The stock’s average daily volume is 250,287 shares out of a total float 46,892,000 and some 81,602 shares crossed the trading desk yesterday, 53 percent lower than normal. lower than normal. Look for trading volume to pick up in the coming days as momentum 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 professional investors have substantial teams of analysts that research thousands of stocks, so it is good confirmation to see them buying a stock you are researching.
FirstCash Inc (NASDAQ: FCFS) 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 FirstCash Inc (NASDAQ: FCFS) have ranged from $29.64 – 53.95, and the stock now has a 50-day MA of $46.77 and 200-day MA of $48.61. Today’s last price is 18.26%% under the 52 week high of $53.95.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors look for companies that have raised their earnings at least 25% or more for a 3 year period.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.