Deere & Co. (NYSE: DE) shares were down yesterday on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.
Meanwhile, stocks closed mostly higher on Wednesday as investors digested the comments from the Federal Reserve’s latest policy meeting underlined expectations for a possible rate hike in December.
The S&P 500 SPX, +0.11% gained 2.48 points, or 0.1%, to 2,139.21. The Dow Jones Industrial Average DJIA, +0.09% added 15.54 points, or 0.1%, to 18,144.20.
However, a sharp selloff in biotechnology stocks weighed on the Nasdaq Composite COMP, -0.15% with the index closing 7.77 points, or 0.2%, lower at 5,239.02.
Deere & Co. (NYSE: DE) had its price target boosted by equities researchers at Barclays PLC from $63.00 to $68.00. The company currently has a rating of Underweight on the shares. A number of other analysts have issued reports on the company recently, and Deere & Co. has secured a consensus one-year price target of $82.90, a decrease compared to the opening price of $87.13, a difference of 9.54 percent. Deere & Co. stock has a 52-week high of $89.34.
Shares of Deere & Co. (NYSE: DE) opened at $87.13 yesterday and traded in a range between, $86.60 and $87.62, and last traded at $86.94, a decrease of $0.11 per share or -0.13% over the previous closing price.
Deere & Co. (NYSE: DE) now has a market cap of 27.34B.
Deere & Co.Trading Volume
2,165,855 shares traded hands yesterday, lower than normal, out of a total float 260,612,000. Swing traders often use swings in trading volume to pinpoint large volume accumulation or distribution by institutional investors, so look for trading volume to pick up in the coming days.
While higher 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 delivers a positive signal to market traders that institutions may be moving in, so institutional sponsorship is critical.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain substantial teams of analysts that research thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
Deere & Co. 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 Deere & Co. (NYSE: DE) have ranged from $70.16 – 89.34, and the stock now has a 50-day MA of $84.38 and 200-day MA of $82.03. Today’s last price is 2.69%% under the 52 week high of $89.34.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors identify companies that have been successful at growing their earnings at least 25% or more for a 3 year period.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.