Cigna Corp. (NYSE: CI) shares were down on Monday January 23 on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock, boosting the price target of stock.
Meanwhile, U.S. stocks flipped between small gains and losses in early trade on Monday.
The Dow Jones Industrial Average DJIA, -0.14% was off by 13 points, or less than 0.1%, at 19,815, with McDonald’s Corp MCD, -0.99% and General Electric CoGE, -0.95% leading the losses, down more than 1%.
The S&P 500 SPX, -0.18% slipped 2 point to 2,270, with five of the main sectors trading lower. The Nasdaq Composite COMP, -0.09% gained 4 points to 5,558.
Cigna Corp. (NYSE: CI) had its price target increased by equities researchers at Citigroup from $0.00 to $163.00. Citigroup currently has a rating of on the stock. As a means of comparison, a number of other analysts have spoken on the company in recent days, and Cigna Corp. has secured a consensus one-year price target of $156.38, above the opening price of $144.32. Cigna Corp. stock has a 52-week high of $148.99.
Yesterday Cigna Corp. (NYSE: CI) shares last traded at $144.22, which is a dip of $0.55 from the previous closing price. Opening at $144.32, they ranged from $143.73 and $144.59 throughout the day.
Cigna Corp. (NYSE: CI) currently has a market cap of 37.03B.
Cigna Corp. (NYSE: CI) Average Daily Trading Volume
113,100 shares traded hands yesterday, 63 percent below the norm, out of a total float 255,796,000. lower than normal. Look for trading volume to pick up in the coming days as investors 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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
Cigna Corp. (NYSE: CI) 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, Cigna Corp. (NYSE: CI) now has a 50-day MA of $138.43 and 200-day MA of $131.81. It has traded in a 52-week range between $115.03 – 148.99 and today’s last price is 3.20%% lower than the 52 week high of $148.99.
Earnings growth is a critical factor to consider when buying stocks and investors seek companies that have raised their earnings at least 25% or more over the past 3 years.
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