Gildan Activewear Inc. (NYSE: GIL) shares rose on Thursday Nov 17 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile, stocks opened flat this morning, struggling for direction in early trade ahead of congressional testimony by Federal Reserve Chairwoman Janet Yellen. Ahead of an appearance before the Joint Economic Committee, Yellen said an interest-rate hike could come “relatively soon,”
The S&P 500 SPX, +0.25% fell less than 0.1% to 2,176.85 while Dow Industrials DJIA, -0.05% fell 9 points to 18,858. The Nasdaq Composite COMP, +0.18% declined 0.1% to 5,291.48.
Citigroup Inc. analysts reiterated its Neutral rating on Gildan Activewear Inc. (NYSE: GIL) in a note to investors, making it one of the more closely watched stocks on Wall Street. Citigroup Inc. currently has a rating of Neutral on the stock. A number of other analysts have commented on the company recently, and Gildan Activewear Inc. has earned a consensus one-year price target of $32.29, higher than the opening price of $26.51. Gildan Activewear Inc. stock has a 52-week high of $32.20. Stock prices often trend to the upside on recommendations and new price targets of professional analysts.
Gildan Activewear Inc. (NYSE: GIL) shares last traded at $26.56, which represents an increase of $0.16 or 0.61% compared to the previous closing price. Opening at $26.51, they fluctuated from $26.37 and $26.56 throughout the day.
Gildan Activewear Inc. (NYSE: GIL) currently has a market cap of 6.16B.
Gildan Activewear Inc. (NYSE: GIL) Average Daily Trading Volume
21,877 shares crossed the trading desk yesterday, below the average, out of a total float 227,709,000. Swing traders often use upticks in trading volume to identify large volume accumulation or circulation by institutional investors, so trading volume is likely to increase in the next few days.
While higher trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks delivers a positive cue to market traders that institutions may be moving in, so institutional sponsorship is crucial.
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 that research thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Gildan Activewear Inc. (NYSE: GIL) 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 successful trades.
Trades for Gildan Activewear Inc. (NYSE: GIL) have ranged from $22.43 – 32.20, and the stock now has a 50-day MA of $26.50 and 200-day MA of $28.77. Today’s last price is 17.52%% under the 52 week high of $32.20.
Earnings growth is a crucial factor to consider when investing in stocks and investors identify companies that have grown their earnings by at least 25% for 3 consecutive years.
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