Boyd Gaming Corporation (NYSE: BYD) shares rose in value on Tuesday January 17 on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, in early trade, the Dow Jones Industrial Average was 47 points lower, or 0.24% to 19838, the S&P 500 fell 7 points, or 0.29% to 2267, while the Nasdaq was down 19 points, or 0.35% to 5554.
Analysts at Morgan Stanley upgraded shares of Boyd Gaming Corporation (NYSE: BYD) from Equal Weight to Overweight today. With a rating of Overweight on the stock, Boyd Gaming Corporation has a 52-week high of $21.58. The one-year price target of $21.50 is higher than the opening price of $20.07, that has caused a fair amount of other analysts to issue statements on the company in recent days. Typically, after analysts publish an upgrade report on a stock, they will later issue sporadic updates, such as a price target change.
Yesterday Boyd Gaming Corporation (NYSE: BYD) shares last traded at $19.82, which is an increase of $0.21 from the previous closing price. Opening at $20.07, they varied from $19.76 and $20.13 throughout the day.
Boyd Gaming Corporation (NYSE: BYD) now has a market cap of 2.23B.
Boyd Gaming Corporation (NYSE: BYD) Average Daily Trading Volume
The stock’s average daily volume is 1,354,500 shares out of a total float 79,198,000 and some 137,635 shares traded hands yesterday, 121 percent lower than the average. lower than normal. Look for trading volume to pick up in the coming days as investors often use upticks 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 commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain substantial teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Boyd Gaming Corporation (NYSE: BYD) 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 identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
Trades for Boyd Gaming Corporation (NYSE: BYD) have ranged from $14.22 – 21.58, and the stock now has a 50-day MA of $20.13 and 200-day MA of $19.26. Today’s last price is 8.16%% below the 52 week high of $21.58.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors identify companies that have grown their earnings by at least 25% for the past 3 years.
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