Red Rock Resorts, Inc. (NASDAQ: RRR) shares rose on Monday February 13 on lower trade volume than normal after more analysts initiated coverage on the stock.
Meanwhile U.S. stock-market indexes opened higher on Monday, setting intraday all-time highs shortly after market open. The S&P 500 SPX, +0.35% opened up 6 points, or 0.2%, at 2,322.
The Nasdaq Composite COMP, +0.44% began the session up 18 points, or 0.3% higher at 5,752. The Dow Jones Industrial Average DJIA, +0.51% added 64 points or 0.3%, to 20,340 at the open.
Analysts at Aegis initiated coverage on Red Rock Resorts, Inc. (NASDAQ: RRR) stock, rating the company at Buy. Aegis currently has a rating of Buy on the shares. A number of other analysts have commented on the stock recently, and Red Rock Resorts, Inc. has secured a consensus one-year price target of $26.30, higher than the opening price of $24.06, a difference of 10.97 percent. Red Rock Resorts, Inc. stock has a 52-week high of $24.67. Changes in price targets are not unheard of as analysts and brokerage firms will publish periodic updates after initiating coverage,.
Shares of Red Rock Resorts, Inc. (NASDAQ: RRR) opened at $24.06 yesterday trading between $23.77 and $24.11, and last traded at $23.97, which is an increase of $0.31 from the previous closing price.
Red Rock Resorts, Inc. (NASDAQ: RRR) currently has a market cap of 2.78B.
Red Rock Resorts, Inc. (NASDAQ: RRR) Average Daily Trading Volume
The stock’s average daily volume is 591,013 shares out of a total float 41,232,000 and some 13,822 shares crossed the trading desk yesterday, 46 percent below the average. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain substantial teams of analysts that investigate thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
Red Rock Resorts, Inc. (NASDAQ: RRR) 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 tracking 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, Red Rock Resorts, Inc. (NASDAQ: RRR) now has a 50-day MA of $23.45 and 200-day MA of $22.79. It has traded in a 52-week range between $18.25 – 24.67 and today’s last price is 2.84%% lower than the 52 week high of $24.67.
Earnings growth is a crucial factor to research when investing in stocks and investors identify companies that have raised their earnings at least 25% or more for the past 3 years.
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