Analysts at Zacks Investment Research upgraded shares of GigPeak Inc (NYSE: GIG) from Hold to Buy today. With a rating of Buy on the shares, GigPeak Inc has a 52-week high of $3.42. The one-year price target of $3.40 is above the opening price of $2.30, that has caused a fair amount of other analysts to report on the stock in recent days. Usually, after analysts assign an upgrade report on a stock, they will subsequently issue sporadic updates, often followed by a price target change.
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.
Shares of GigPeak Inc (NYSE: GIG) opened at $2.30 yesterday and traded in a range between, $2.25 and $2.33, and last traded at $2.33, which is a jump of $0.05 over the previous closing price.
GigPeak Inc (NYSE: GIG) now has a market cap of 157.18M.
554,864 shares crossed the trading desk yesterday, below the average, out of a total float 63,738,000. Momentum traders often use upticks in trading volume to identify large volume growth or circulation by institutional investors, so trading volume is likely to increase in the next few days.
As with all possible breakouts, investors watch for volume to be at least 40%-50% greater than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts that investigate thousands of stocks, so it is good validation to see them buying a stock you’re researching.
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, GigPeak Inc (NYSE: GIG) now has a 50-day MA of $2.06 and 200-day MA of $2.31. It has traded in a 52-week range between $1.63 – 3.42 and today’s last price is 0.32% lower than the 52 week high of $3.42.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors identify companies that have been successful at growing their earnings by at least 25% over the past 3 years.
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.