Ansys Inc. (NASDAQ: ANSS) shares rose on Tuesday Nov 22 with lighter trade volume than normal after more analysts initiated coverage on the stock.
Meanwhile, The Dow Jones Industrial Average opened opened higher, trading above 19,000 for the first time ever, while the S&P 500 traded above 2,200 shortly after the opening bell on Tuesday.
The S&P 500 SPX, +0.17% opened 5 points, or 0.2%, higher at 2,202. The Dow Jones Industrial Average DJIA, +0.20% added 45 points, or 0.2%, to 19,002. The Nasdaq Composite COMP, +0.25% began the session up 16 points, or 0.3%, at 5,385.
Analysts at Needham & Company LLC initiated coverage on Ansys Inc. (NASDAQ: ANSS) stock, rating the company at Hold. With a rating of Hold on the shares, the company has a 52-week high of $98.99. A number of other analysts have issued reports on the company recently, and the company has secured a consensus one-year price target of $90.22, lower than the opening price of $93.25, a difference of 9.59 percent. Changes in price targets are not unheard of as analysts and brokerage firms will re periodic updates after initiating coverage,.
Shares of Ansys Inc. (NASDAQ: ANSS) opened at $93.25 on Tuesday and has traded in a range between, $93.25 and $94.34, and last traded at $94.04, which is a spike of $0.27 or 0.29% over the previous closing price.
Ansys Inc. (NASDAQ: ANSS) now has a market cap of 8.14B.
Ansys Inc. (NASDAQ: ANSS) Average Daily Trading Volume
36,607 shares traded hands yesterday, below the norm, out of a total float 86,029,000. Momentum traders often use increases in trading volume to identify large volume accumulation or distribution by institutional investors, so trading volume is likely to increase in the next few days.
However, one day of high volume buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a cue 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.
These professional investors retain teams of analysts that research thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Ansys Inc. (NASDAQ: ANSS) 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.
Traders are able to make make more impactful decisions on trades when they track the trading habits of professional investors.
With that in mind, Ansys Inc. (NASDAQ: ANSS) now has a 50-day MA of $90.58 and 200-day MA of $90.95. It has traded in a 52-week range between $80.51 – 98.99 and today’s last price is 5.00%% lower than the 52 week high of $98.99.
Earnings growth is a critical factor to consider when buying stocks and investors identify companies that have raised their earnings by at least 25% over the past 3 years.
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