Pandora Media Inc. (NYSE: P) shares rose in value Tuesday Dec 6 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks looked for direction on Tuesday with the Dow industrials trying for a fresh record a day after closing at an all-time high in the previous session.
The Dow Jones Industrial Average DJIA, -0.08% opened little-changed at 19,221, the S&P 500 index SPX, -0.01% climbed 2 points, or 0.1%, at 2,206, while the Nasdaq Composite Index COMP, +0.20%
Analysts at Oppenheimer Holdings Inc. upgraded shares of Pandora Media Inc. (NYSE: P) from Market Perform to Outperform today. With a rating of Outperform on the stock, Pandora Media Inc. has a 52-week high of $16.23. The one-year price target of $14.16 is above the opening price of $13.74, resulting a fair amount of other analysts to comment on the stock recently. Share prices often shift to the upside on recommendations and new price targets of professional brokerage firms.
Pandora Media Inc. (NYSE: P) shares last traded at $13.60, which represents an increase of $0.23 or 1.69% from the previous closing price. Opening at $13.74, they ranged from $13.56 and $13.82 throughout the day.
Pandora Media Inc. (NYSE: P) currently has a market cap of 3.17B.
Pandora Media Inc. (NYSE: P) Average Daily Trading Volume
The stock’s average daily volume is 7,102,510 shares out of a total float 206,268,000 and some 2,223,242 shares traded hands yesterday, lower than the norm. Trading volume is likely to increase in the next few days as investors often use increases in trading volume to determine large volume accumulation or dissemination by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% above 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 that investigate thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Pandora Media Inc. (NYSE: P) 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 identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
Trades for Pandora Media Inc. (NYSE: P) have ranged from $7.10 – 16.230, and the stock now has a 50-day MA of $11.47 and 200-day MA of $12.64. Today’s last price is 16.23%% under the 52 week high of $16.23.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors watch for companies that have been successful at growing their earnings at least 25% or more over a 3 year period.
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