Analysts at Vetr Inc. upgraded shares of J.C. Penney Co. (NYSE: JCP) from Hold to Buy today. With a rating of Buy on the shares, the company has a 52-week high of $11.99. As a means of comparison, a number of other analysts have issued reports on the company recently, and the company has earned a consensus one-year price target of $12.18, above the opening price of $9.85. Typically, after analysts give an upgrade report on a stock, they will subsequently issue periodic updates, such as 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.
Yesterday J.C. Penney Co. (NYSE: JCP) shares last traded at $10.00, a jump of $0.20 from the previous closing price. Opening at $9.85, they ranged from $9.80 and $10.01 throughout the day.
J.C. Penney Co. (NYSE: JCP) currently has a market cap of 3.08B.
10,349,302 shares traded hands yesterday, below the norm, out of a total float 290,629,000. Swing traders often use swings in trading volume to determine large volume aggregation or circulation by institutional investors, so trading volume is likely to increase in the next few days.
As with all potential breakouts, investors watch for volume to be at least 40%-50% greater than normal on the breakout to indicate 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 instituitional investors have substantial teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
By following the activity of these professional investors—and the moving averages they influence— traders can make the best trades.
Trades for J.C. Penney Co. (NYSE: JCP) have ranged from $6.00 – 11.99, and the stock now has a 50-day MA of $9.89 and 200-day MA of $9.42. Today’s last price is 0.17% lower than the 52 week high of $11.99.
Earnings growth is a crucial factor to research when investing in stocks and investors identify companies that have grown their earnings by at least 25% for the past 3 years.
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