Essex Property Trust, Inc. (NYSE: ESS) shares rose on Wednesday February 8 on lower 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.
Essex Property Trust, Inc. (NYSE: ESS) had its price target increased by equities researchers at Canaccord Genuity from $230.00 to $238.00. The company currently has a rating of Hold on the stock. The one-year price target of $239.54 is higher than the opening price of $224.07, causing a number of other analysts to issue statements on the stock recently. Looking back over the last 52 weeks, Essex Property Trust, Inc. stock has a high of $237.50.
Shares of Essex Property Trust, Inc. (NYSE: ESS) opened at $224.07 yesterday and traded in a range between, $224.05 and $226.22, and last traded at $225.14, a jump of $1.18 compared to the previous closing price.
Essex Property Trust, Inc. (NYSE: ESS) now has a market cap of 14.75B.
Essex Property Trust, Inc. (NYSE: ESS) Average Daily Trading Volume
17,817 shares crossed the trading desk yesterday, 105 percent lower than the average, out of a total float 65,084,000. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use increases 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.
These instituitional investors retain teams of analysts that research thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
Essex Property Trust, Inc. (NYSE: ESS) 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 Essex Property Trust, Inc. (NYSE: ESS) have ranged from $191.25 – 237.50, and the stock now has a 50-day MA of $227.88 and 200-day MA of $222.08. Today’s last price is 5.20%% lower than the 52 week high of $237.50.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors identify companies that have raised their earnings by at least 25% for 3 consecutive years.
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