Surgery Partners, Inc. (NASDAQ: SGRY) shares rose on Tuesday January 31 on lighter trade volume than normal after more analysts initiated coverage on the stock.
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 Benchmark Co. initiated coverage on Surgery Partners, Inc. (NASDAQ: SGRY) stock, rating the company at Buy. Benchmark Co. currently has a rating of Buy on the stock. The one-year price target of $20.89 is higher than the opening price of $18.50, resulting a fair amount of other analysts to report on the stock recently. Looking back over the last year, Surgery Partners, Inc. stock has a high of $20.93. After beginning or initiating coverage, analysts and brokerage firms will subsequently issue periodic updates. Price changes targets are not unheard of.
Shares of Surgery Partners, Inc. (NASDAQ: SGRY) opened at $18.50 yesterday trading between $18.10 and $18.70, and last traded at $18.30, which is an increase of $0.15 compared to the previous closing price.
Surgery Partners, Inc. (NASDAQ: SGRY) now has a market cap of 887.42M.
Surgery Partners, Inc. (NASDAQ: SGRY) Average Daily Trading Volume
The stock’s average daily volume is 212,310 shares out of a total float 18,483,000 and some 14,434 shares traded hands yesterday, 43 percent below the norm. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for one day 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.
These professional investors have substantial teams of analysts that research thousands of stocks, so it is good validation to see them taking a postion in a stock you are researching.
Surgery Partners, Inc. (NASDAQ: SGRY) 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 traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, Surgery Partners, Inc. (NASDAQ: SGRY) now has a 50-day MA of $16.47 and 200-day MA of $17.52. It has traded in a 52-week range between $11.76 – 20.93 and today’s last price is 12.57%% lower than the 52 week high of $20.93.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors watch for companies that have been successful at growing their earnings by at least 25% over the past 3 years.
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