Celanese Corp. (CE) Shares Active after Upgrade at RBC Capital Markets

Celanese Corp. (NYSE: CE) shares rose in value Tuesday Dec 13 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.

Meanwhile, the Dow DJIA, +0.47% climbed 106 points, or 0.6%, to 19,905. If the Dow finishes higher, it will notch its seventh straight gain.

The S&P 500 index SPX, +0.56% gained 10.45 points, or 0.5%, to 2,267 and the tech-heavy Nasdaq Composite Index COMP, +1.02% added 48 points, or 0.9%, to 5,461.

Both the S&P 500 index SPX, +0.56% and Nasdaq Composite COMP, +1.02% ended lower on Monday, with investors appearing reluctant to push shares higher ahead of the Fed meeting

Analysts at RBC Capital Markets upgraded shares of Celanese Corp. (NYSE: CE) from Sector Perform to Outperform today. With a rating of Outperform on the stock, Celanese Corp. has a 52-week high of $84.97. A number of other analysts have commented on the company recently, and Celanese Corp. has earned a consensus one-year price target of $80.33, a decrease compared to the opening price of $84.40, a difference of 9.60 percent. Typically, after analysts issue an upgrade report on a stock, they will later issue recurring revisions, such as a price target change.

Shares of Celanese Corp. (NYSE: CE) opened at $84.40 on Tuesday and has traded in a range between, $83.52 and $84.97, and last traded at $83.68, a spike of $0.58 or 0.70% from the previous closing price.

Celanese Corp. (NYSE: CE) currently has a market cap of 11.98B.

Celanese Corp. (NYSE: CE) Average Daily Trading Volume

The stock’s average daily volume is 1,090,030 shares out of a total float 142,676,000 and some 80,601 shares traded hands yesterday, lower than normal. Swing traders often use swings in trading volume to determine substantial volume accumulation or dissemination by institutional investors, so look for trading volume to pick up in the coming days.

However, one day of heavy buy side trading is not enough to determine a trend. As such, market traders will continue to look for institutional sponsorship as an indicator that financial institutions are moving forward.

Institutional sponsorship is defined by 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. Thus, watching their interests is a good way to ensure you are buying the right stocks.

Celanese Corp. (NYSE: CE) 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 tracking the activity of these professional investors—and the moving averages they influence— traders are able to make make smarter trades.

With that in mind, Celanese Corp. (NYSE: CE) now has a 50-day MA of $76.65 and 200-day MA of $68.99. It has traded in a 52-week range between $55.07 – 84.97 and today’s last price is 1.52%% lower than the 52 week high of $84.97.

Earnings growth is an important factor to research when buying stocks and investors seek companies that have increased their earnings by at least 25% 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.

Leave a Reply

Your email address will not be published. Required fields are marked *