Synergy Resources Corp (NASDAQ: SYRG) shares rose in value on Friday January 20 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, 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.
Analysts at KLR Group upgraded shares of Synergy Resources Corp (NASDAQ: SYRG) from Accumulate to Buy today. The company currently has a rating of Buy on the stock. The one-year price target of $10.48 is higher than the opening price of $8.78, resulting a fair amount of other analysts to comment on the stock in recent days. Looking back over the last 52 weeks, Synergy Resources Corp stock has a high of $10.38. Stock prices sometimes get a spike to the upside when analysts upgrade a stock.
Yesterday Synergy Resources Corp (NASDAQ: SYRG) shares last traded at $8.76, a jump of $0.10 from the previous closing price. Opening at $8.78, they fluctuated from $8.74 and $8.80 throughout the day.
Synergy Resources Corp (NASDAQ: SYRG) now has a market cap of 1.76B.
Synergy Resources Corp (NASDAQ: SYRG) Average Daily Trading Volume
The stock’s average daily volume is 4,183,060 shares out of a total float 178,964,000 and some 261,586 shares crossed the trading desk yesterday, 88 percent lower than normal. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for one day will not mean much, however, 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 instituitional investors retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
Synergy Resources Corp (NASDAQ: SYRG) 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 Synergy Resources Corp (NASDAQ: SYRG) have ranged from $5.01 – 10.38, and the stock now has a 50-day MA of $9.19 and 200-day MA of $7.50. Today’s last price is 15.61%% lower than the 52 week high of $10.38.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors look for companies that have raised their earnings by at least 25% for a 3 year period.
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