IDEXX Laboratories, Inc. (NASDAQ: IDXX) shares rose in value on Tuesday February 7 on slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
U.S. stocks were up in early trade on Tuesday which could put the equity market on track to set new records.
Investors were focusing on earnings, with GM and Michael Kors making moves after reporting early.
S&P 500 futures ESH7, +0.31% rose 7 points, or 0.3%, to 2,293.50, while Dow Jones Industrial Average futures YMH7, +0.46% tacked on 70 points, or 0.4%, to 20,042. Nasdaq-100 futures NQH7, +0.48% added 14 points, or 0.3%, to 5,171.75.
Analysts at Zacks Investment Research upgraded shares of IDEXX Laboratories, Inc. (NASDAQ: IDXX) from Hold to Buy today. With a rating of Buy on the stock, the company has a 52-week high of $143.24. As a means of comparison, a number of other analysts have spoken on the company in recent days, and IDEXX Laboratories, Inc. has secured a consensus one-year price target of $121.42, less than the opening price of $142.23. Stock prices sometimes get a bounce to the upside when analysts upgrade a stock.
Yesterday IDEXX Laboratories, Inc. (NASDAQ: IDXX) shares last traded at $142.99, an increase of $0.98 over the previous closing price. Opening at $142.23, they fluctuated from $141.79 and $143.24 throughout the day.
IDEXX Laboratories, Inc. (NASDAQ: IDXX) currently has a market cap of 12.77B.
IDEXX Laboratories, Inc. (NASDAQ: IDXX) Average Daily Trading Volume
The stock’s average daily volume is 985,682 shares out of a total float 88,092,000 and some 47,362 shares traded hands yesterday, 7 percent below the norm. lower than normal. Look for trading volume to pick up in the coming days as investors often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased 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 sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
IDEXX Laboratories, Inc. (NASDAQ: IDXX) 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 spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
Trades for IDEXX Laboratories, Inc. (NASDAQ: IDXX) have ranged from $66.82 – 143.24, and the stock now has a 50-day MA of $121.35 and 200-day MA of $113.54. Today’s last price is 0.18%% lower than the 52 week high of $143.24.
Earnings growth is a critical factor to look at when buying stocks and investors look for companies that have raised their earnings by at least 25% over a 3 year period.
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