AbbVie Inc. (NYSE: ABBV) shares rose in value Monday Dec 5 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, the Dow Industrials on Monday opened at an all-time high as investors dismissed concerns about the outcome of Italy’s referendum on Sunday.
The Dow Jones Industrial Average rose DJIA, +0.41% 85 points, or 0.5%, at 19,260, the S&P 500 index SPX, +0.42% began trade 9 points, or 0.4%, higher at 2,201, while the Nasdaq Composite Index COMP, +0.43% advanced 27 points, or 0.5%, at 5,282.
Analysts at Vetr Inc. upgraded shares of AbbVie Inc. (NYSE: ABBV) from Buy to Strong-Buy today. The company currently has a rating of Strong-Buy on the shares. A number of other analysts have issued reports on the company in recent days, and the company has earned a consensus one-year price target of $69.75, above the opening price of $59.60. AbbVie Inc. stock has a 52-week high of $68.12. Stock prices sometimes get a boost to the upside when analysts upgrade a stock.
Shares of AbbVie Inc. (NYSE: ABBV) opened at $59.60 on Tuesday trading between $59.57 and $60.47, and last traded at $60.41, a spike of $0.98 or 1.65% compared to the previous closing price.
AbbVie Inc. (NYSE: ABBV) currently has a market cap of 98.17B.
AbbVie Inc. (NYSE: ABBV) Average Daily Trading Volume
1,180,802 shares crossed the trading desk yesterday, below the norm, out of a total float 1,623,782,000. Look for trading volume to pick up in the coming days as investors often use upticks in trading volume to determine heavy volume growth or distribution by institutional investors.
While increased trading for short periods will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks delivers a positive cue to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
AbbVie Inc. (NYSE: ABBV) 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.
Traders can make the best trades when they follow the activity of professional investors.
With that in mind, AbbVie Inc. (NYSE: ABBV) now has a 50-day MA of $60.21 and 200-day MA of $62.64. It has traded in a 52-week range between $50.71 – 68.12 and today’s last price is 11.32%% lower than the 52 week high of $68.12.
Earnings growth is a critical factor to research when buying stocks and investors identify companies that have raised their earnings by at least 25% over 3 consecutive years.
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