Kforce, Inc. (NASDAQ: KFRC) shares rose in value on Wednesday February 8 on heavier trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile U.S. stocks traded modestly lower on Wednesday, as losses in energy shares following a drop in oil prices and a slide in financials weighed on the main indexes.
The S&P 500 index SPX, -0.17% declined 6 points, or 0.3%, to 2,286, with six of the main sectors trading lower. Energy and financials were leading the losses, down more than 1%.
The Dow Jones Industrial Average DJIA, -0.26% was down 65 points, or 0.3%, to 20,021, a day after the blue-chip index set an intraday high at 10,155.35. The Nasdaq Composite COMP, -0.13% retreated from an all-time high set on Tuesday, falling 23 points, or 0.4%, to 5,650.
Analysts at Avondale Partners upgraded shares of Kforce, Inc. (NASDAQ: KFRC) from Market Perform to Outperform today. The company currently has a rating of Outperform on the shares. A number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $21.83, a decrease compared to the opening price of $24.40, a difference of 8.30 percent. Kforce, Inc. stock has a 52-week high of $26.95. Share prices often shift to the upside on recommendations and new price targets of professional analysts.
Shares of Kforce, Inc. (NASDAQ: KFRC) opened at $24.40 yesterday and traded in a range between, $23.80 and $26.95, and last traded at $26.30, which represents an increase of $4.95 compared to the previous closing price.
Kforce, Inc. (NASDAQ: KFRC) now has a market cap of 677.09M.
Kforce, Inc. (NASDAQ: KFRC) Average Daily Trading Volume
The stock’s average daily volume is 125,474 shares out of a total float 22,551,000 and some 172,078 shares traded hands yesterday, 110 percent above normal. higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation 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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain substantial teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are researching.
Kforce, Inc. (NASDAQ: KFRC) 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 investors to make those trends work in their favor and increase the number of successful trades.
With that in mind, Kforce, Inc. (NASDAQ: KFRC) now has a 50-day MA of $22.83 and 200-day MA of $20.31. It has traded in a 52-week range between $14.86 – 26.95 and today’s last price is 2.41%% lower than the 52 week high of $26.95.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors watch for companies that have grown their earnings at least 25% or more for 3 consecutive years.
DISCLOSURE: The views and opinions expressed in this article 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.