MiX Telematics Limited (NYSE: MIXT) shares fell in early trading today on heavier trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
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 Oppenheimer Holdings, Inc. reiterated a Market Perform rating on shares of MiX Telematics Limited (NYSE: MIXT) in a reserach note to investors, making it one of the more closely watched stocks on Wall Street. The company currently has a rating of Market Perform on the stock. The one-year price target of $107.16 is above the opening price of $7.11, that has caused a fair amount of other analysts to comment on the company in recent days. Looking back over the last 52 weeks, MiX Telematics Limited stock has a high of $7.23. Typically, after analysts assign a “reiterated rating” report on a stock, they will later issue sporadic revisions, such as a price target change.
Shares of MiX Telematics Limited (NYSE: MIXT) opened at $7.11 yesterday trading between $7.05 and $7.14, and last traded at $7.10, which represents a drop of $0.08 over the previous closing price.
MiX Telematics Limited (NYSE: MIXT) now has a market cap of 159.75M.
MiX Telematics Limited (NYSE: MIXT) Average Daily Trading Volume
The stock’s average daily volume is 38,424 shares out of a total float 16,514,000 and some 44,788 shares crossed the trading desk yesterday, 91 percent above normal. higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
While increased trading for one day will not mean much, however, 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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you are researching.
MiX Telematics Limited (NYSE: MIXT) 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 investors to make those trends work in their favor and increase the number of successful trades.
Trades for MiX Telematics Limited (NYSE: MIXT) have ranged from $3.33 – 7.230, and the stock now has a 50-day MA of $6.21 and 200-day MA of $5.78. Today’s last price is 1.76%% lower than the 52 week high of $7.23.
Earnings growth is a critical factor to look at when buying stocks and investors seek companies that have grown their earnings by at least 25% over 3 consecutive years.
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.