Tractor Supply Company (NASDAQ: TSCO) shares rose in value on Friday, January 13 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, The Dow Jones Industrial Average DJIA, -0.03% slipped 5.27 points to close 19,885.73, moving in a roughly 100-point range all session. For the week, the blue-chip index is off 0.4%.
U.S. financial markets will be closed Monday for Martin Luther King Jr. Day.
The S&P 500 index SPX, +0.18% added 4.20 points, or 0.2%, to end at 2,274.64 for a weekly loss of 0.1%, and the Nasdaq Composite Index COMP, +0.48% climbed 26.63 points, or 0.5%, to finish at 5,574.12, its sixth all-time closing high in seven trading sessions.
Analysts at Wedbush upgraded shares of Tractor Supply Company (NASDAQ: TSCO) from Neutral to Outperform today. Wedbush currently has a rating of Outperform on the shares. As a means of comparison, a number of other analysts have issued reports on the company recently, and Tractor Supply Company has secured a consensus one-year price target of $80.46, above the opening price of $77.13. Tractor Supply Company stock has a 52-week high of $97.25. Share prices sometimes get a boost to the upside when analysts upgrade a stock.
Shares of Tractor Supply Company (NASDAQ: TSCO) opened at $77.13 yesterday trading between $75.89 and $77.37, and last traded at $76.05, which is a jump of $0.10 from the previous closing price.
Tractor Supply Company (NASDAQ: TSCO) now has a market cap of 9.98B.
Tractor Supply Company (NASDAQ: TSCO) Average Daily Trading Volume
The stock’s average daily volume is 1,703,490 shares out of a total float 130,737,000 and some 1,299,121 shares crossed the trading desk yesterday, 118 percent below 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.
While increased trading for short periods will not mean much 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 commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts that investigate thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
Tractor Supply Company (NASDAQ: TSCO) 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 traders to make those trends work in their favor and increase the number of successful trades.
Trades for Tractor Supply Company (NASDAQ: TSCO) have ranged from $61.50 – 97.25, and the stock now has a 50-day MA of $75.93 and 200-day MA of $78.00. Today’s last price is 21.80%% under the 52 week high of $97.25.
Earnings growth is a crucial factor to consider when buying stocks and investors identify companies that have grown their earnings by at least 25% for 3 consecutive years.
DISCLOSURE: The views and opinions expressed in this article 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.