Par Pacific Holdings, Inc. (NASDAQ: PARR) shares fell in early trading yesterday lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a downgraded 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.
Shares of Par Pacific Holdings, Inc. (NASDAQ: PARR) were downgraded by analysts at Zacks Investment Research in a note to their investors today. The company currently has a rating of Sell on the shares. The one-year price target of $21.56 is higher than the opening price of $13.51, causing a number of other analysts to issue statements on the company in recent days. Looking back over the last 52 weeks, Par Pacific Holdings, Inc. stock has a high of $24.11. Downgrades occur when analysts feel that the future prospects for the security have dropped from the initial recommendation, usually due to a considerable and crucial digression in the company’s procedures, future direction or industry.
Shares of Par Pacific Holdings, Inc. (NASDAQ: PARR) opened at $13.51 yesterday and traded in a range between, $13.48 and $13.56, and last traded at $13.48, which is a drop of $0.01 from the previous closing price.
Par Pacific Holdings, Inc. (NASDAQ: PARR) currently has a market cap of 613.42M.
Par Pacific Holdings, Inc. (NASDAQ: PARR) Average Daily Trading Volume
15,501 shares traded hands yesterday, 3 percent lower than the average, out of a total float 26,110,000. 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 one day 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 simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain substantial teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are researching.
Par Pacific Holdings, Inc. (NASDAQ: PARR) 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.
With that in mind, Par Pacific Holdings, Inc. (NASDAQ: PARR) now has a 50-day MA of $14.59 and 200-day MA of $14.14. It has traded in a 52-week range between $12.18 – 24.11 and today’s last price is 44.09%% lower than the 52 week high of $24.11.
Earnings growth is a crucial factor to research when investing in stocks and investors watch for companies that have been successful at growing their earnings at least 25% or more over the past 3 years.
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