Barrick Gold Corp. (ABX) stock down after upgrade at Deutsche Bank AG

Barrick Gold Corp. (NYSE: ABX) shares slid back in value in early trading today on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.

Analysts at Deutsche Bank AG upgraded shares of Barrick Gold Corp. (NYSE: ABX) from Hold to Buy today. Deutsche Bank AG currently has a rating of Buy on the stock. The one-year price target of $23.21 is higher than the opening price of $17.70, causing a fair amount of other analysts to issue statements on the stock recently. Looking back over the last year, Barrick Gold Corp. stock has a high of $23.47. Stock prices often trend to the upside on recommendations and new price targets of professional analysts.

Meanwhile, US stock opened lower amid concerns surrounding the U.S. Department of Justice’s probe into Deutsche Bank AG.

The S&P 500 SPX, -0.25% slipped 5 points, or 0.2%, to 2,162.

The Dow industrials DJIA, -0.26% fell 55 points, or 0.3%, to 18,252.

The Nasdaq Composite COMP, -0.11% was off 13 points, or 0.3%, to 5,298

Shares of Barrick Gold Corp. (NYSE: ABX) opened at $17.70 yesterday and traded in a range between, $17.43 and $17.87, and last traded at $17.48, which is a drop of $0.24 per share or -0.01 over the previous closing price.

Barrick Gold Corp. (NYSE: ABX) currently has a market cap of 20.37B.

Barrick Gold Corp.Trading Volume

3,117,668 shares crossed the trading desk yesterday, below the average, out of a total float 1,162,592,000. Trading volume is likely to increase in the next few days as momentum traders often use upticks in trading volume to pinpoint large volume accumulation or circulation by institutional investors.

However, one day of significant buy side trading is not enough to assert a trend. So market traders will continue to look for institutional sponsorship as an indicator that financial institutions are moving forward.

Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Institutional 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.

Barrick Gold Corp. 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 spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.

Trades for Barrick Gold Corp. (NYSE: ABX) have ranged from $6.61 – 23.47, and the stock now has a 50-day MA of $18.60 and 200-day MA of $18.47. Today’s last price is 0.26% below the 52 week high of $23.47.

Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors look for companies that have raised their earnings at least 25% or more over a 3 year period.

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