Bank of America Corp. analysts reiterated its Hold rating on Nike Inc. (NYSE: NKE) in a note to investors, making it one of the more closely watched stocks on Wall Street. With a rating of Hold on the stock, the company has a 52-week high of $68.19. A number of other analysts have issued reports on the stock in recent days, and Nike Inc. has earned a consensus one-year price target of $65.59, above the opening price of $55.26, a difference of 11.95 percent. Usually, after analysts publish a “reiterated rating” report on a stock, they will subsequently issue recurring updates, such as a price target change.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Yesterday Nike Inc. (NYSE: NKE) shares last traded at $54.87, a decrease of $0.08 compared to the previous closing price. Opening at $55.26, they ranged from $54.76 and $55.44 throughout the day.
Nike Inc. (NYSE: NKE) currently has a market cap of 92.05B.
8,562,999 shares crossed the trading desk yesterday, 108 percent below the norm, out of a total float 1,346,154,000. Trading volume is likely to increase in the next few days as swing traders often use swings in trading volume to pinpoint large volume aggregation or distribution by institutional investors.
However, one day of heavy buy side trading is not enough to affirm a trend. As such, market traders will continue to look for institutional sponsorship as an indicator that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain substantial teams of analysts researching thousands of stocks, so it is good corroboration to see them taking a postion in a stock you are considering.
By following the activity of these professional investors and how they influence moving averages, traders can make educated trades.
With that in mind, Nike Inc. (NYSE: NKE) now has a 50-day MA of $56.80 and 200-day MA of $57.48. It has traded in a 52-week range between $51.48 – 68.19 and today’s last price is 0.20% lower than the 52 week high of $68.19.
Earnings growth is a crucial factor to research when buying stocks and investors identify companies that have been successful at growing their earnings at least 25% or more over the past 3 years.
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