CardConnect Corp. (NASDAQ: CCN) shares rose on Tuesday Nov 22 with lower trade volume than normal after more analysts initiated coverage on the stock.
Meanwhile, The Dow Jones Industrial Average opened opened higher, trading above 19,000 for the first time ever, while the S&P 500 traded above 2,200 shortly after the opening bell on Tuesday.
The S&P 500 SPX, +0.17% opened 5 points, or 0.2%, higher at 2,202. The Dow Jones Industrial Average DJIA, +0.20% added 45 points, or 0.2%, to 19,002. The Nasdaq Composite COMP, +0.25% began the session up 16 points, or 0.3%, at 5,385.
Analysts at Cowen and Company initiated coverage on CardConnect Corp. (NASDAQ: CCN) stock, starting the company at Outperform. Cowen and Company currently has a rating of Outperform on the stock. A number of other analysts have spoken on the company recently, and CardConnect Corp. has earned a consensus one-year price target of $13.25, higher than the opening price of $10.05. CardConnect Corp. stock has a 52-week high of $11.56. Changes in price targets are not uncommon as analysts and brokerage firms will issue periodic updates after initiating coverage,.
CardConnect Corp. (NASDAQ: CCN) shares last traded at $10.00, an increase of $0.05 or 0.50% over the previous closing price. Opening at $10.05, they varied from $10.00 and $10.05 throughout the day.
CardConnect Corp. (NASDAQ: CCN) now has a market cap of 287.51M.
CardConnect Corp. (NASDAQ: CCN) Average Daily Trading Volume
5,510 shares traded hands yesterday, lower than normal, out of a total float 1,267,000. Trading volume is likely to increase in the next few days as momentum traders often use swings in trading volume to determine substantial volume growth or dissemination 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 demonstrate that fund managers and other professional investors are jumping in.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these have teams of analysts that investigate thousands of stocks, so it is good validation to see them taking a postion in a stock you’re considering.
CardConnect Corp. (NASDAQ: CCN) 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.
With that in mind, CardConnect Corp. (NASDAQ: CCN) now has a 50-day MA of $9.41 and 200-day MA of $9.84. It has traded in a 52-week range between $8.14 – 11.56 and today’s last price is 13.49%% lower than the 52 week high of $11.56.
Earnings growth is a crucial factor to research when buying stocks and investors identify companies that have been successful at growing their earnings by at least 25% for a 3 year period.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and 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.