RenaissanceRe Holdings Ltd. (NYSE: RNR) shares closed lower on Tuesday Nov 22 with lighter trade volume than normal after more analysts initiated coverage on the stock.
Meanwhile, The Dow Jones Industrial Average opened opened higher, trading above 19,000 for the first time ever, while the S&P 500 traded above 2,200 shortly after the opening bell on Tuesday.
The S&P 500 SPX, +0.17% opened 5 points, or 0.2%, higher at 2,202. The Dow Jones Industrial Average DJIA, +0.20% added 45 points, or 0.2%, to 19,002. The Nasdaq Composite COMP, +0.25% began the session up 16 points, or 0.3%, at 5,385.
Analysts at Citigroup Inc. initiated coverage on RenaissanceRe Holdings Ltd. (NYSE: RNR) stock, starting the company at Neutral. With a rating of Neutral on the stock, RenaissanceRe Holdings Ltd. has a 52-week high of $132.43. The one-year price target of $120.00 is lower than the opening price of $131.12, resulting a fair amount of other analysts to comment on the stock recently. Changes in price targets are not unheard of as analysts and brokerage firms will issue periodic updates after beginning or initiating coverage.
Shares of RenaissanceRe Holdings Ltd. (NYSE: RNR) opened at $131.12 on Tuesday trading between $130.80 and $131.53, and last traded at $131.07, which represents a dip of $0.02 per share or -0.02% compared to the previous closing price.
RenaissanceRe Holdings Ltd. (NYSE: RNR) currently has a market cap of 5.39B.
RenaissanceRe Holdings Ltd. (NYSE: RNR) Average Daily Trading Volume
The stock’s average daily volume is 252,906 shares out of a total float 40,195,000 and some 14,244 shares traded hands yesterday, lower than normal. Look for trading volume to pick up in the coming days as investors often use upticks in trading volume to pinpoint large volume growth or circulation by institutional investors.
While higher trading for short periods will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks delivers a positive indicator to market traders that institutions may be moving in, so institutional sponsorship is crucial.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
RenaissanceRe Holdings Ltd. (NYSE: RNR) 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, RenaissanceRe Holdings Ltd. (NYSE: RNR) now has a 50-day MA of $124.71 and 200-day MA of $118.65. It has traded in a 52-week range between $107.27 – 132.43 and today’s last price is 1.03%% lower than the 52 week high of $132.43.
Earnings growth is an important factor to consider when buying stocks and investors seek companies that have grown their earnings at least 25% or more over a 3 year period.
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