Pier 1 Imports Inc. (NYSE: PIR) shares traded mostly even on Wednesday Nov 30 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile, the Dow Jones Industrial Average hit an intraday record after opening higher Wednesday, led by the energy sector as hopes rose that the world’s major oil producers are near a deal on limiting output.
The benchmark S&P 500 and Dow were on track to post their largest monthly gains since March.
The S&P 500 SPX, +0.22% gained 5 points, or 0.2%, to 2,209. The Dow Jones Industrial Average DJIA, +0.41% added 62 points, or 0.3%, to 19,184, trading in record territory. The Nasdaq Composite COMP, -0.08% was 7 points, or 0.1%, higher at 5,386.
Wedbush analysts reiterated its Neutral rating on Pier 1 Imports Inc. (NYSE: PIR) in a note to investors, making it one of the more closely watched stocks on Wall Street. The company currently has a rating of Neutral on the shares. As a means of comparison, a number of other analysts have issued reports on the stock recently, and the company has secured a consensus one-year price target of $4.55, a decrease compared to the opening price of $5.97, a difference of 7.66 percent. Pier 1 Imports Inc. stock has a 52-week high of $7.70. Share prices often trend to the upside on recommendations and new price targets of professional analysts.
Shares of Pier 1 Imports Inc. (NYSE: PIR) opened at $5.97 on Tuesday and has traded in a range between, $5.86 and $5.98, and last traded at $5.94.
Pier 1 Imports Inc. (NYSE: PIR) now has a market cap of 477.79M.
Pier 1 Imports Inc. (NYSE: PIR) Average Daily Trading Volume
115,915 shares crossed the trading desk yesterday, below normal, out of a total float 64,423,000. Trading volume is likely to increase in the next few days as investors often use swings in trading volume to determine heavy volume aggregation or dissemination by institutional investors.
While higher 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 cue to market traders that institutions may be moving in, so institutional sponsorship is crucial.
Institutional sponsorship commonly 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 corroboration to see them taking a postion in a stock you are considering.
Pier 1 Imports Inc. (NYSE: PIR) 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.
With that in mind, Pier 1 Imports Inc. (NYSE: PIR) now has a 50-day MA of $4.88 and 200-day MA of $4.94. It has traded in a 52-week range between $3.73 – 7.70 and today’s last price is 22.86%% lower than the 52 week high of $7.70.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors identify companies that have increased their earnings at least 25% or more 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.