Hanmi Financial Corporation (NASDAQ: HAFC) shares were down on Wednesday January 25 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, the Dow Jones Industrial Average on Wednesday crossed the 20,000 level for the first time, while the S&P 500 and Nasdaq Composite also traded in record territory shortly after the market opened
The Dow Jones Industrial Average DJIA, +0.60% advanced 100 points, or 0.5%, to 20,012,
The S&P 500 index SPX, +0.55% gained 10 points, or 0.5%, to 2,289, with eight of the main 11 sectors trading higher.
The Nasdaq Composite index COMP, +0.66% was 30 points, or 0.6%, higher at 5,630.
All three main indexes set intraday records shortly after the opening bell.
Hanmi Financial Corporation (NASDAQ: HAFC) had its price target raised by equities researchers at FBR & Co from $38.00 to $39.00. With a rating of Outperform on the stock, the company has a 52-week high of $35.85. The one-year price target of $35.33 is above the opening price of $35.05, that has caused a number of other analysts to comment on the company in recent days.
Yesterday Hanmi Financial Corporation (NASDAQ: HAFC) shares last traded at $34.70, which is a dip of $0.25 from the previous closing price. Opening at $35.05, they varied from $34.40 and $35.15 throughout the day.
Hanmi Financial Corporation (NASDAQ: HAFC) currently has a market cap of 1.11B.
Hanmi Financial Corporation (NASDAQ: HAFC) Average Daily Trading Volume
The stock’s average daily volume is 176,747 shares out of a total float 30,904,000 and some 34,876 shares crossed the trading desk yesterday, 67 percent below the norm. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use increases 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 instituitional investors retain teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are considering.
Hanmi Financial Corporation (NASDAQ: HAFC) 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 identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
Trades for Hanmi Financial Corporation (NASDAQ: HAFC) have ranged from $18.92 – 35.85, and the stock now has a 50-day MA of $34.39 and 200-day MA of $28.16. Today’s last price is 3.21%% below the 52 week high of $35.85.
Earnings growth is a critical factor to consider when buying stocks and investors watch for companies that have increased their earnings at least 25% or more over the past 3 years.
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