Atkore International Group Inc (NASDAQ: ATKR) shares traded mostly flat on Wednesday February 8 on lighter 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.
Atkore International Group Inc (NASDAQ: ATKR) had its price target boosted by equities researchers at RBC Capital Markets from $28.00 to $30.00. With a rating of Outperform on the shares, Atkore International Group Inc has a 52-week high of $27.30. The one-year price target of $25.50 is a decrease compared to the opening price of $26.38, causing a number of other analysts to issue statements on the stock recently.
Yesterday Atkore International Group Inc (NASDAQ: ATKR) shares last traded at $26.31. Opening at $26.38, they fluctuated from $25.97 and $26.42 throughout the day.
Atkore International Group Inc (NASDAQ: ATKR) now has a market cap of 1.64B.
Atkore International Group Inc (NASDAQ: ATKR) Average Daily Trading Volume
37,117 shares traded hands yesterday, 94 percent below the average, out of a total float 21,778,000. lower than normal. Look for trading volume to pick up in the coming days as momentum 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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Atkore International Group Inc (NASDAQ: ATKR) 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, Atkore International Group Inc (NASDAQ: ATKR) now has a 50-day MA of $25.09 and 200-day MA of $20.38. It has traded in a 52-week range between $14.17 – 27.30 and today’s last price is 3.63%% lower than the 52 week high of $27.30.
Earnings growth is a critical factor to research when investing in stocks and investors seek companies that have increased their earnings at least 25% or more over a 3 year period.
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.