Bovie Medical Co. (NYSE: BVX) shares rose on Monday Nov 21 with lighter trade volume than normal after more analysts initiated coverage on the stock.
Meanwhile, stocks were set to open up this morning. The Dow Jones Industrial Average futures YMZ6, +0.20% was 10 points, or less than 0.1%, higher at 18,863, while S&P 500 index futures ESZ6, +0.44% rose 3.95 points, or 0.2%, at 2,184.75. Nasdaq-100 NQZ6, +0.74% added 12.25 points, or 0.2%, to 4,820.75.
Analysts at Piper Jaffray Cos. initiated coverage on Bovie Medical Co. (NYSE: BVX) stock, starting the company at Overweight. The company currently has a rating of Overweight on the shares. The one-year price target of $7.00 is higher than the opening price of $4.35, that has caused a number of other analysts to issue statements on the stock recently. Looking back over the last 52 weeks, Bovie Medical Co. stock has a high of $5.75. After initiating coverage,, analysts and brokerage firms will subsequently publish periodic updates. Changes in price targets are not unusual.
Bovie Medical Co. (NYSE: BVX) shares last traded at $4.37, which represents an increase of $0.13 or 3.07% over the previous closing price. Opening at $4.35, they fluctuated from $4.35 and $4.48 throughout the day.
Bovie Medical Co. (NYSE: BVX) currently has a market cap of 118.61M.
Bovie Medical Co. (NYSE: BVX) Average Daily Trading Volume
9,766 shares traded hands yesterday, below normal, out of a total float 20,510,000. Investors often use swings in trading volume to pinpoint heavy volume growth or dissemination by institutional investors, so trading volume is likely to increase in the next few days.
However, a single day of significant buy side trading is not enough to assert a trend. As such, market traders will continue to look for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have substantial teams of analysts researching thousands of stocks, so it is good corroboration to see them buying a stock you are researching.
Bovie Medical Co. (NYSE: BVX) 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 more effective decisions on trades when they follow the activity of professional investors.
Trades for Bovie Medical Co. (NYSE: BVX) have ranged from $1.56 – 5.75, and the stock now has a 50-day MA of $4.83 and 200-day MA of $3.17. Today’s last price is 24.00%% under the 52 week high of $5.75.
Earnings growth is a critical factor to research when investing in stocks and investors identify companies that have increased their earnings by at least 25% for a 3 year period.
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