Analysts at Zacks Investment Research downgraded shares of Celestica Inc. (NYSE: CLS) from Buy to Hold in a research note to investors today. With a rating of Hold on the stock, the company has a 52-week high of $13.36. As a means of comparison, a number of other analysts have issued reports on the stock in recent days, and Celestica Inc. has earned a consensus one-year price target of $11.71, higher than the opening price of $10.43. Material and integral changes in the company’s actions, future direction or industry can cause downgrades as the analysts consider that the future prospects for the security have weakened from the initial recommendation.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Yesterday Celestica Inc. (NYSE: CLS) shares last traded at $10.47, an increase of $0.13 from the previous closing price. Opening at $10.43, they fluctuated from $10.41 and $10.61 throughout the day.
Celestica Inc. (NYSE: CLS) now has a market cap of 1.47B.
The stock’s average daily volume is 268,892 shares out of a total float 120,294,000 and some 176,171 shares crossed the trading desk yesterday, below the norm. Momentum traders often use increases in trading volume to determine large volume growth or dissemination by institutional investors, so look for trading volume to pick up in the coming days.
However, just a day of significant buy side trading is not enough to affirm a trend. As such, market traders will continue to look for institutional sponsorship as a signal 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.
These instituitional investors retain substantial teams of analysts researching thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
Trades for Celestica Inc. (NYSE: CLS) have ranged from $8.07 – 13.36, and the stock now has a 50-day MA of $10.76 and 200-day MA of $10.50. Today’s last price is 0.22% under the 52 week high of $13.36.
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 by at least 25% for a 3 year period.
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