RPC, Inc. (NYSE: RES) shares rose in value on Tuesday January 17 on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, in early trade, the Dow Jones Industrial Average was 47 points lower, or 0.24% to 19838, the S&P 500 fell 7 points, or 0.29% to 2267, while the Nasdaq was down 19 points, or 0.35% to 5554.
Analysts at Nomura upgraded shares of RPC, Inc. (NYSE: RES) from Neutral to Buy today. With a rating of Buy on the shares, RPC, Inc. has a 52-week high of $22.28. A number of other analysts have issued reports on the stock in recent days, and the company has secured a consensus one-year price target of $20.15, a decrease compared to the opening price of $21.59. Usually, after analysts give an upgrade report on a stock, they will later issue sporadic revisions, often followed by a price target change.
Yesterday RPC, Inc. (NYSE: RES) shares last traded at $21.73, which is a jump of $0.45 over the previous closing price. Opening at $21.59, they ranged from $21.49 and $21.85 throughout the day.
RPC, Inc. (NYSE: RES) currently has a market cap of 4.73B.
RPC, Inc. (NYSE: RES) Average Daily Trading Volume
164,860 shares traded hands yesterday, 40 percent lower than normal, out of a total float 67,701,000. lower than normal. Look for trading volume to pick up in the coming days as investors often use swings 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 have teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
RPC, Inc. (NYSE: RES) 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 winning trades.
Trades for RPC, Inc. (NYSE: RES) have ranged from $9.73 – 22.28, and the stock now has a 50-day MA of $20.44 and 200-day MA of $17.17. Today’s last price is 2.47%% lower than the 52 week high of $22.28.
Earnings growth is a critical factor to consider when buying stocks and investors identify companies that have grown their earnings at least 25% or more over the past 3 years.
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