Par Pacific Holdings, Inc. (NASDAQ: PARR) shares rose in value on Wednesday January 18 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, 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 Par Pacific Holdings, Inc. (NASDAQ: PARR) from Sell to Hold today. Zacks Investment Research currently has a rating of Hold on the stock. The one-year price target of $21.56 is above the opening price of $13.47, that has caused a number of other analysts to report on the stock in recent days. Looking back over the last year, Par Pacific Holdings, Inc. stock has a high of $24.11. Share prices often move to the upside on recommendations and new price targets of professional brokerage firms.
Yesterday Par Pacific Holdings, Inc. (NASDAQ: PARR) shares last traded at $13.48, which represents an increase of $0.02 compared to the previous closing price. Opening at $13.47, they ranged from $13.34 and $13.51 throughout the day.
Par Pacific Holdings, Inc. (NASDAQ: PARR) now has a market cap of 613.42M.
Par Pacific Holdings, Inc. (NASDAQ: PARR) Average Daily Trading Volume
6,682 shares crossed the trading desk yesterday, 40 percent below the norm, out of a total float 26,108,000. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use swings 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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts that investigate thousands of stocks, so it is good corroboration to see them taking a postion in a stock you’re 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.
Trades for Par Pacific Holdings, Inc. (NASDAQ: PARR) have ranged from $12.18 – 24.11, and the stock now has a 50-day MA of $14.49 and 200-day MA of $14.09. Today’s last price is 44.09%% lower than the 52 week high of $24.11.
Earnings growth is an important factor to research when buying stocks and investors watch for companies that have been successful at growing their earnings at least 25% or more for the past 3 years.
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