Extra Space Storage Inc. (NYSE: EXR) shares fell back in value Thursday Nov 17 with lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, stocks opened flat this morning, struggling for direction in early trade ahead of congressional testimony by Federal Reserve Chairwoman Janet Yellen. Ahead of an appearance before the Joint Economic Committee, Yellen said an interest-rate hike could come “relatively soon,”
The S&P 500 SPX, +0.25% fell less than 0.1% to 2,176.85 while Dow Industrials DJIA, -0.05% fell 9 points to 18,858. The Nasdaq Composite COMP, +0.18% declined 0.1% to 5,291.48.
Analysts at Zacks Investment Research upgraded shares of Extra Space Storage Inc. (NYSE: EXR) from Hold to Buy today. Zacks Investment Research currently has a rating of Buy on the shares. As a means of comparison, a number of other analysts have commented on the company in recent days, and the company has secured a consensus one-year price target of $86.33, above the opening price of $71.98, a difference of 12.04 percent. Extra Space Storage Inc. stock has a 52-week high of $94.81. Share prices sometimes get a spike to the upside when analysts upgrade a stock.
Extra Space Storage Inc. (NYSE: EXR) shares last traded at $71.72, which represents a drop of $0.15 per share or -0.21% from the previous closing price. Opening at $71.98, they fluctuated from $71.72 and $72.72 throughout the day.
Extra Space Storage Inc. (NYSE: EXR) currently has a market cap of 9.02B.
Extra Space Storage Inc. (NYSE: EXR) Average Daily Trading Volume
The stock’s average daily volume is 980,089 shares out of a total float 121,021,000 and some 70,779 shares traded hands yesterday, lower than normal. Trading volume is likely to increase in the next few days as investors often use swings in trading volume to pinpoint heavy volume aggregation or dissemination by institutional investors.
As with all possible breakouts, investors watch 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.
Professional investors such as these have substantial teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
Extra Space Storage Inc. (NYSE: EXR) 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 investors to make those trends work in their favor and increase the number of winning trades.
With that in mind, Extra Space Storage Inc. (NYSE: EXR) now has a 50-day MA of $74.95 and 200-day MA of $83.97. It has traded in a 52-week range between $70.01 – 94.8100 and today’s last price is 24.35%% lower than the 52 week high of $94.81.
Earnings growth is a critical factor to research when buying stocks and investors seek companies that have raised their earnings at least 25% or more over the past 3 years.
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