OneMain Holdings, Inc. (NYSE: OMF) shares rose in value on Thursday February 2 on slower 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, -0.10% fell 34 points, or 0.2%, to 19,858. The S&P 500 SPX, -0.11% lost 4 points to 2,276, a drop of 0.2%. The Nasdaq Composite Index COMP, -0.05% slid 16 points, or 0.3%, to 5,626. Among the most actively traded Nasdaq stocks was Facebook Inc FB, +0.31% which fell 0.7% a day after it reported its quarterly results.
Analysts at Zacks Investment Research upgraded shares of OneMain Holdings, Inc. (NYSE: OMF) from Sell to Hold today. Zacks Investment Research currently has a rating of Hold on the stock. The one-year price target of $25.80 is above the opening price of $23.60, causing a fair amount of other analysts to issue statements on the stock recently. Looking back over the last 52 weeks, OneMain Holdings, Inc. stock has a high of $33.31. Usually, after analysts publish an upgrade report on a stock, they will subsequently issue sporadic updates, often followed by a price target change.
Shares of OneMain Holdings, Inc. (NYSE: OMF) opened at $23.60 yesterday trading between $22.55 and $23.65, and last traded at $22.90, a jump of $0.30 from the previous closing price.
OneMain Holdings, Inc. (NYSE: OMF) currently has a market cap of 3.09B.
OneMain Holdings, Inc. (NYSE: OMF) Average Daily Trading Volume
The stock’s average daily volume is 1,066,440 shares out of a total float 52,539,000 and some 263,290 shares traded hands yesterday, 70 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.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these have teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
OneMain Holdings, Inc. (NYSE: OMF) 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.
Trades for OneMain Holdings, Inc. (NYSE: OMF) have ranged from $16.03 – 33.31, and the stock now has a 50-day MA of $22.77 and 200-day MA of $26.32. Today’s last price is 31.25%% under the 52 week high of $33.31.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors look for companies that have raised their earnings at least 25% or more over 3 consecutive years.
DISCLOSURE: The views and opinions expressed in this article do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.