Apple Inc. (NASDAQ: AAPL) shares were down on Wednesday February 8 on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock, raising the price target of stock.
Meanwhile U.S. stocks traded modestly lower on Wednesday, as losses in energy shares following a drop in oil prices and a slide in financials weighed on the main indexes.
The S&P 500 index SPX, -0.17% declined 6 points, or 0.3%, to 2,286, with six of the main sectors trading lower. Energy and financials were leading the losses, down more than 1%.
The Dow Jones Industrial Average DJIA, -0.26% was down 65 points, or 0.3%, to 20,021, a day after the blue-chip index set an intraday high at 10,155.35. The Nasdaq Composite COMP, -0.13% retreated from an all-time high set on Tuesday, falling 23 points, or 0.4%, to 5,650.
Apple Inc. (NASDAQ: AAPL) had its price target boosted by equities researchers at Bank of America Corporation from $0.00 to $145.00. With a rating of on the shares, the company has a 52-week high of $132.09. A number of other analysts have commented on the stock in recent days, and Apple Inc. has secured a consensus one-year price target of $139.07, above the opening price of $131.30, a difference of 10.59 percent.
Yesterday Apple Inc. (NASDAQ: AAPL) shares last traded at $131.37, which represents a dip of $0.16 from the previous closing price. Opening at $131.30, they varied from $131.22 and $131.80 throughout the day.
Apple Inc. (NASDAQ: AAPL) now has a market cap of 689.24B.
Apple Inc. (NASDAQ: AAPL) Average Daily Trading Volume
4,608,297 shares crossed the trading desk yesterday, 102 percent below the norm, out of a total float 5,227,809,000. lower than normal. Look for trading volume to pick up in the coming days as investors often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain substantial teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you’re considering.
Apple Inc. (NASDAQ: AAPL) 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 Apple Inc. (NASDAQ: AAPL) have ranged from $89.47 – 132.09, and the stock now has a 50-day MA of $120.39 and 200-day MA of $113.09. Today’s last price is 0.55%% below the 52 week high of $132.09.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors identify companies that have grown their earnings by at least 25% over 3 consecutive years.
DISCLOSURE: The views and opinions expressed in this article do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.