Boston Scientific Corp. (NYSE: BSX) shares rose in 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.
Boston Scientific Corp. (NYSE: BSX) had its price target increased by equities researchers at Citigroup Inc. from $28.00 to $29.00. With a rating of Buy on the shares, the company has a 52-week high of $24.79. A number of other analysts have issued reports on the company in recent days, and the company has secured a consensus one-year price target of $0.96, a decrease compared to the opening price of $23.38, a difference of 0.41 percent.
Meanwhile, U.S. stocks closed flat Thursday as trading stayed lukewarm in the wait for the nonfarm-payrolls report. U.S. employment growth likely picked up in September, putting pressure on the Federal Reserve to raise interest rates
For the week so far, the Dow industrials DJIA, -0.07% are down 0.2%, the S&P 500 SPX, +0.05% is off 0.4%, and the Nasdaq Composite COMP, -0.17% has lost 0.1%.
Boston Scientific Corp. (NYSE: BSX) shares last traded at $23.48, which represents a jump of $0.05 or 0.00 from the previous closing price. Opening at $23.38, they ranged from $23.29 and $23.56 throughout the day.
Boston Scientific Corp. (NYSE: BSX) now has a market cap of 31.95B.
Boston Scientific Corp.Trading Volume
6,142,304 shares crossed the trading desk yesterday, lower than the average, out of a total float 1,257,149,000. Trading volume is likely to increase in the next few days as investors often use upticks in trading volume to pinpoint heavy volume accumulation or circulation by institutional investors.
As with all possible breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to demonstrate that fund managers and other professional investors are jumping in.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Boston Scientific Corp. 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 can make well planned trades when they follow the activity of professional investors.
Trades for Boston Scientific Corp. (NYSE: BSX) have ranged from $15.67 – 24.79, and the stock now has a 50-day MA of $23.79 and 200-day MA of $22.51. Today’s last price is 0.05% lower than the 52 week high of $24.79.
Earnings growth is a critical factor to consider when investing in stocks and investors identify companies that have been successful at growing their earnings by at least 25% for 3 consecutive years.
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.