Kearny Financial (NASDAQ: KRNY) shares rose in value on Tuesday January 31 on lower 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 DJIA, -0.60% fell 140 points, or 0.7%, to 19,833, with 26 of the 30 blue-chip companies trading lower. Nike, Inc. NKE, -1.10% down 2.4% and Intel Corp. INTC, -1.70% off 1%, were leading losses.
The S&P 500 SPX, -0.33% was off by 10 points, or 0.5%, to 2,270 with seven of the 11 main sectors trading lower. Industrials, consumer-discretionary, and technology shares were the worst performers, while real estate and utilities stocks attracted buyers.
The health-care sector, which was down in early trade, rebounded after President Trump called for scaling back drugmaker’s regulation, lowering taxes and prices of medicines.
The Nasdaq Composite COMP, -0.25% declined 31 points, or 0.6%, to 5,581.
Analysts at Compass Point upgraded shares of Kearny Financial (NASDAQ: KRNY) from Neutral to Buy today. Compass Point currently has a rating of Buy on the shares. A number of other analysts have commented on the company in recent days, and Kearny Financial has earned a consensus one-year price target of $15.67, above the opening price of $15.25, a difference of 10.24 percent. Kearny Financial stock has a 52-week high of $16.10. Typically, after analysts give an upgrade report on a stock, they will subsequently issue recurring revisions, often followed by a price target change.
Yesterday Kearny Financial (NASDAQ: KRNY) shares last traded at $15.30, an increase of $0.85 from the previous closing price. Opening at $15.25, they ranged from $15.10 and $15.45 throughout the day.
Kearny Financial (NASDAQ: KRNY) now has a market cap of 1.31B.
Kearny Financial (NASDAQ: KRNY) Average Daily Trading Volume
The stock’s average daily volume is 460,518 shares out of a total float 82,249,000 and some 73,548 shares traded hands yesterday, 117 percent lower than the average. lower than normal. Look for trading volume to pick up in the coming days as investors often use upticks 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 just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain substantial teams of analysts researching thousands of stocks, so it is good validation to see them buying a stock you’re researching.
Kearny Financial (NASDAQ: KRNY) 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 Kearny Financial (NASDAQ: KRNY) have ranged from $11.36 – 16.10, and the stock now has a 50-day MA of $15.13 and 200-day MA of $14.21. Today’s last price is 4.97%% under the 52 week high of $16.10.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors seek companies that have grown their earnings at least 25% or more for 3 consecutive years.
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