Old Dominion Freight Line, Inc. (NASDAQ: ODFL) shares slid back in value in early trading today on slower 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 Zacks Investment Research upgraded shares of Old Dominion Freight Line, Inc. (NASDAQ: ODFL) from Hold to Buy today. Zacks Investment Research currently has a rating of Buy on the stock. As a means of comparison, a number of other analysts have spoken on the company in recent days, and Old Dominion Freight Line, Inc. has earned a consensus one-year price target of $88.17, above the opening price of $86.88, a difference of 10.21 percent. Old Dominion Freight Line, Inc. stock has a 52-week high of $91.69. Share prices often trend to the upside on recommendations and new price targets of professional brokerage firms.
Shares of Old Dominion Freight Line, Inc. (NASDAQ: ODFL) opened at $86.88 yesterday and traded in a range between, $86.04 and $86.88, and last traded at $86.37, which is a drop of $0.71 compared to the previous closing price.
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) now has a market cap of 7.12B.
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) Average Daily Trading Volume
The stock’s average daily volume is 639,081 shares out of a total float 65,128,000 and some 31,488 shares crossed the trading desk yesterday, 0 percent lower than normal. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain teams of analysts that investigate thousands of stocks, so it is good validation to see them taking a postion in a stock you are researching.
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) 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 Old Dominion Freight Line, Inc. (NASDAQ: ODFL) have ranged from $48.92 – 91.69, and the stock now has a 50-day MA of $87.62 and 200-day MA of $73.56. Today’s last price is 5.80%% lower than the 52 week high of $91.69.
Earnings growth is a critical factor to look at when buying stocks and investors identify companies that have grown their earnings by at least 25% over the past 3 years.
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