Scorpio Bulkers Inc. (NYSE: SALT) shares rose in value on Wednesday January 25 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, 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.
Analysts at Zacks Investment Research upgraded shares of Scorpio Bulkers Inc. (NYSE: SALT) from Sell to Hold today. The company currently has a rating of Hold on the stock. A number of other analysts have commented on the stock recently, and Scorpio Bulkers Inc. has secured a consensus one-year price target of $5.89, a decrease compared to the opening price of $7.50. Scorpio Bulkers Inc. stock has a 52-week high of $7.83. Typically, after analysts assign an upgrade report on a stock, they will subsequently issue recurring revisions, such as a price target change.
Yesterday Scorpio Bulkers Inc. (NYSE: SALT) shares last traded at $7.48, a spike of $0.03 over the previous closing price. Opening at $7.50, they ranged from $7.40 and $7.65 throughout the day.
Scorpio Bulkers Inc. (NYSE: SALT) now has a market cap of 535.02M.
Scorpio Bulkers Inc. (NYSE: SALT) Average Daily Trading Volume
33,948 shares crossed the trading desk yesterday, 0 percent below normal, out of a total float 49,017,000. 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.
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.
Institutional investors such as these retain teams of analysts researching thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
Scorpio Bulkers Inc. (NYSE: SALT) 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 traders to make those trends work in their favor and increase the number of winning trades.
Trades for Scorpio Bulkers Inc. (NYSE: SALT) have ranged from $1.79 – 7.830, and the stock now has a 50-day MA of $5.65 and 200-day MA of $4.23. Today’s last price is 4.53%% below the 52 week high of $7.83.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors identify companies that have grown their earnings at least 25% or more over 3 consecutive years.
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