Analysts at Raymond James Financial Inc. upgraded shares of LATAM Airlines Group SA (NYSE: LFL) from Underperform to Market Perform today. With a rating of Market Perform on the stock, the company has a 52-week high of $9.24. The one-year price target of $8.95 is higher than the opening price of $8.04, that has caused a fair amount of other analysts to issue statements on the stock in recent days. Stock prices often shift to the upside on recommendations and new price targets of professional analysts.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Yesterday LATAM Airlines Group SA (NYSE: LFL) shares last traded at $8.26, which is an increase of $0.52 compared to the previous closing price. Opening at $8.04, they ranged from $7.99 and $8.27 throughout the day.
LATAM Airlines Group SA (NYSE: LFL) now has a market cap of 4.51B.
The stock’s average daily volume is 674,741 shares out of a total float 328,305,000 and some 534,520 shares crossed the trading desk yesterday, lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use swings in trading volume to determine heavy volume aggregation or circulation by institutional investors.
However, one day of significant buy side trading is not enough to determine a trend. As such, market traders will continue to watch for institutional sponsorship as a cue 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 instituitional investors have substantial teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you’re researching.
By marking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind, LATAM Airlines Group SA (NYSE: LFL) now has a 50-day MA of $8.31 and 200-day MA of $7.29. It has traded in a 52-week range between $4.35 – 9.24 and today’s last price is 0.11% lower than the 52 week high of $9.24.
Earnings growth is an important factor to look at when investing in stocks and investors watch for companies that have grown their earnings by at least 25% over 3 consecutive years.
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.