Abbott Laboratories (NYSE: ABT) shares rose on Friday January 20 on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.
Meanwhile, U.S. stocks rose Friday morning as Wall Street closely awaited Donald Trump’s inauguration as the nation’s 45th president.
The Dow Jones Industrial Average DJIA, +0.41% rose 95 points, or 0.5%, to 19,826, while the S&P 500 index SPX, +0.41% climbed 11 points, or 0.5%, to 2,275 and the Nasdaq Composite COMP, +0.37% added 28 points, or 0.6%, to 5,571.
Abbott Laboratories (NYSE: ABT) had its price target increased by equities researchers at Jefferies Group from $0.00 to $48.00. With a rating of on the shares, the company has a 52-week high of $45.79. A number of other analysts have issued reports on the company recently, and the company has secured a consensus one-year price target of $46.69, above the opening price of $40.51, a difference of 11.46 percent.
Yesterday Abbott Laboratories (NYSE: ABT) shares last traded at $40.74, a spike of $0.34 from the previous closing price. Opening at $40.51, they ranged from $40.51 and $40.77 throughout the day.
Abbott Laboratories (NYSE: ABT) now has a market cap of 59.97B.
Abbott Laboratories (NYSE: ABT) Average Daily Trading Volume
The stock’s average daily volume is 8,931,700 shares out of a total float 1,466,390,000 and some 1,245,628 shares traded hands yesterday, 7 percent below the average. 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.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by 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 corroboration to see them buying a stock you’re considering.
Abbott Laboratories (NYSE: ABT) 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 spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
Trades for Abbott Laboratories (NYSE: ABT) have ranged from $36.00 – 45.790, and the stock now has a 50-day MA of $39.21 and 200-day MA of $41.21. Today’s last price is 11.04%% below the 52 week high of $45.79.
Earnings growth is a critical factor to research when investing in stocks and investors seek companies that have grown their earnings by at least 25% for the past 3 years.
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