Costamare Inc. (NYSE: CMRE) shares rose in value yesterday on heavier trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Analysts at JPMorgan Chase & Co. upgraded shares of Costamare Inc. (NYSE: CMRE) from Neutral to Overweight today. JPMorgan Chase & Co. currently has a rating of Overweight on the shares. A number of other analysts have commented on the stock recently, and Costamare Inc. has secured a consensus one-year price target of $8.17, higher than the opening price of $7.62. Costamare Inc. stock has a 52-week high of $15.10. Usually, after analysts assign an upgrade report on a stock, they will subsequently issue recurring revisions, such as a price target change.
Meanwhile, the Dow Jones Industrial Average DJIA, +0.62% finished up 112.58 points, or 0.6%, at 18,281.03 yesterday.
The Nasdaq Composite Index COMP, +0.50% rose 26.36 points, or 0.5%, to end at 5,316.02, and is up 0.1% for the week to date.
The S&P 500 index SPX, +0.43% added 9.24 points, or 0.4%, to close at 2,159.73.
Costamare Inc. (NYSE: CMRE) shares last traded at $7.41, an increase of $0.09 or 0.01 over the previous closing price. Opening at $7.62, they varied from $7.35 and $7.66 throughout the day.
Costamare Inc. (NYSE: CMRE) currently has a market cap of 560.91M.
Costamare Inc.Trading Volume
969,188 shares crossed the trading desk yesterday, higher than the norm, out of a total float 27,597,000. Considerable volume aggregation by institutional investors may be on the horizon as the combination of large expansions in trading volume and price inflation can be deciding factors.
As with all potential breakouts, investors watch 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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have substantial teams of analysts that research thousands of stocks, so it is good corroboration to see them buying a stock you’re researching.
Costamare Inc. 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 following the activity of these professional investors and how they influence moving averages, traders can make educated trades.
With that in mind, Costamare Inc. (NYSE: CMRE) now has a 50-day MA of $8.92 and 200-day MA of $9.16. It has traded in a 52-week range between $6.01 – 15.10 and today’s last price is 0.51% lower than the 52 week high of $15.10.
Earnings growth is a critical factor to consider when buying stocks and investors watch for companies that have increased their earnings at least 25% or more for the past 3 years.
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