Perry Ellis International Inc. (NASDAQ: PERY) shares rose in value Tuesday Nov 22 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, The Dow Jones Industrial Average opened opened higher, trading above 19,000 for the first time ever, while the S&P 500 traded above 2,200 shortly after the opening bell on Tuesday.
The S&P 500 SPX, +0.17% opened 5 points, or 0.2%, higher at 2,202. The Dow Jones Industrial Average DJIA, +0.20% added 45 points, or 0.2%, to 19,002. The Nasdaq Composite COMP, +0.25% began the session up 16 points, or 0.3%, at 5,385.
Analysts at Zacks Investment Research upgraded shares of Perry Ellis International Inc. (NASDAQ: PERY) from Hold to Buy today. Zacks Investment Research currently has a rating of Buy on the stock. The one-year price target of $26.40 is above the opening price of $24.47, causing a number of other analysts to issue statements on the stock in recent days. Looking back over the last 52 weeks, Perry Ellis International Inc. stock has a high of $24.83. Typically, after analysts issue an upgrade report on a stock, they will subsequently issue sporadic revisions, such as a price target change.
Shares of Perry Ellis International Inc. (NASDAQ: PERY) opened at $24.47 on Tuesday and has traded in a range between, $24.25 and $24.47, and last traded at $24.25, which is a spike of $0.05 or 0.21% over the previous closing price.
Perry Ellis International Inc. (NASDAQ: PERY) currently has a market cap of 362.61M.
Perry Ellis International Inc. (NASDAQ: PERY) Average Daily Trading Volume
The stock’s average daily volume is 74,965 shares out of a total float 11,714,000 and some 1,529 shares crossed the trading desk yesterday, below the norm. Trading volume is likely to increase in the next few days as investors often use swings in trading volume to identify heavy volume growth or circulation by institutional investors.
While an increase in trading for one day will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is crucial.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain substantial teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you’re researching.
Perry Ellis International Inc. (NASDAQ: PERY) 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 traders to make those trends work in their favor and increase the number of successful trades.
Trades for Perry Ellis International Inc. (NASDAQ: PERY) have ranged from $15.73 – 24.83, and the stock now has a 50-day MA of $19.64 and 200-day MA of $19.88. Today’s last price is 2.34%% below the 52 week high of $24.83.
Earnings growth is a critical factor to consider when buying stocks and investors identify companies that have raised their earnings at least 25% or more over a 3 year period.
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