Renasant Corp. (NASDAQ: RNST) shares rose in value Tuesday Nov 29 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
U.S. stocks on Tuesday morning traded near break-even levels, with the main benchmarks switching in and out of negative territory
The Dow Jones Industrial Average DJIA, -0.09% was flat at 19,102. Meanwhile, the Nasdaq Composite COMP, +0.00% traded 18 points, or 0.1%, at 5,362.
The S&P 500 index SPX, -0.04% was off by 0.1%, or 2 points, at 2,199, with five of the 11 main sectors trading lower.
Analysts at Zacks Investment Research upgraded shares of Renasant Corp. (NASDAQ: RNST) from Sell to Hold today. The company currently has a rating of Hold on the stock. A number of other analysts have issued reports on the stock recently, and Renasant Corp. has earned a consensus one-year price target of $37.31, a decrease compared to the opening price of $39.85, a difference of 9.21 percent. Renasant Corp. stock has a 52-week high of $41.80. Usually, after analysts issue an upgrade report on a stock, they will later issue periodic updates, such as a price target change.
Shares of Renasant Corp. (NASDAQ: RNST) opened at $39.85 on Tuesday trading between $39.85 and $40.72, and last traded at $40.52, which represents an increase of $0.18 or 0.43% compared to the previous closing price.
Renasant Corp. (NASDAQ: RNST) now has a market cap of 1.71B.
Renasant Corp. (NASDAQ: RNST) Average Daily Trading Volume
14,100 shares traded hands yesterday, lower than the norm, out of a total float 40,532,000. Investors often use upticks in trading volume to identify large volume accumulation or distribution by institutional investors, so trading volume is likely to increase in the next few days.
As with all possible 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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these have substantial teams of analysts that research thousands of stocks, so it is good confirmation to see them buying a stock you’re researching.
Renasant Corp. (NASDAQ: RNST) 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.
Traders can make smarter trades when they follow the activity of professional investors.
Trades for Renasant Corp. (NASDAQ: RNST) have ranged from $29.49 – 41.805, and the stock now has a 50-day MA of $35.55 and 200-day MA of $34.02. Today’s last price is 3.09%% lower than the 52 week high of $41.80.
Earnings growth is a critical factor to research when investing in stocks and investors identify companies that have increased their earnings by at least 25% over a 3 year period.
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