Analysts at Zacks Investment Research upgraded shares of PolyMet Mining Corp. (NYSE: PLM) from Hold to Buy today. With a rating of Buy on the shares, the company has a 52-week high of $1.28. The one-year price target of $2.45 is higher than the opening price of $0.84, causing a number of other analysts to issue statements on the stock in recent days. Usually, after analysts issue an upgrade report on a stock, they will later issue sporadic revisions, usually followed by a price target change.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Yesterday PolyMet Mining Corp. (NYSE: PLM) shares last traded at $0.83, which is a drop of $0.02 compared to the previous closing price. Opening at $0.84, they fluctuated from $0.82 and $0.86 throughout the day.
PolyMet Mining Corp. (NYSE: PLM) now has a market cap of 230.65M.
The stock’s average daily volume is 158,145 shares out of a total float 191,799,000 and some 47,236 shares crossed the trading desk yesterday, 4 percent lower than normal. Trading volume is likely to increase in the next few days as momentum traders often use swings in trading volume to pinpoint substantial volume growth or circulation by institutional investors.
However, one day of high volume buy side trading is not enough to affirm a trend. So 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.
Professional investors such as these have substantial teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
Traders can make more effective judgments on trades when they track the trading habits of professional investors.
With that in mind, PolyMet Mining Corp. (NYSE: PLM) now has a 50-day MA of $0.88 and 200-day MA of $0.84. It has traded in a 52-week range between $0.55 – 1.2800 and today’s last price is 0.35% lower than the 52 week high of $1.28.
Earnings growth is a crucial factor to consider when buying stocks and investors identify companies that have grown their earnings by at least 25% for the past 3 years.
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