Manitex International, Inc. (NASDAQ: MNTX) shares rose in value on Wednesday January 18 on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, in early trade today, the S&P 500 SPX, +0.00% was off 2 points, or 0.1%, at 2,265, shortly after open. The Nasdaq Composite COMP, +0.20% was flat at 5,537. The Dow Jones Industrial Average DJIA, -0.20% slipped 54 points or 0.3%, to 19,770.
Analysts at Zacks Investment Research upgraded shares of Manitex International, Inc. (NASDAQ: MNTX) from Hold to Strong-Buy today. The company currently has a rating of Strong-Buy on the stock. As a means of comparison, a number of other analysts have issued reports on the stock in recent days, and the company has secured a consensus one-year price target of $7.50, a decrease compared to the opening price of $8.23, a difference of 9.23 percent. Manitex International, Inc. stock has a 52-week high of $8.35. Usually, after analysts assign an upgrade report on a stock, they will subsequently issue periodic revisions, often followed by a price target change.
Shares of Manitex International, Inc. (NASDAQ: MNTX) opened at $8.23 yesterday trading between $7.97 and $8.23, and last traded at $8.13, a jump of $0.01 compared to the previous closing price.
Manitex International, Inc. (NASDAQ: MNTX) currently has a market cap of 131.62M.
Manitex International, Inc. (NASDAQ: MNTX) Average Daily Trading Volume
65,333 shares crossed the trading desk yesterday, 20 percent below the norm, out of a total float 13,644,000. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use swings 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 commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have substantial teams of analysts that research thousands of stocks, so it is good validation to see them taking a postion in a stock you are considering.
Manitex International, Inc. (NASDAQ: MNTX) 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, Manitex International, Inc. (NASDAQ: MNTX) now has a 50-day MA of $6.38 and 200-day MA of $6.08. It has traded in a 52-week range between $4.25 – 8.3500 and today’s last price is 2.58%% lower than the 52 week high of $8.35.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors identify companies that have increased their earnings at least 25% or more over the past 3 years.
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