Analysts at Zacks Investment Research upgraded shares of Ring Energy (NYSE: REI) from Hold to Buy today. The company currently has a rating of Buy on the stock. A number of other analysts have commented on the company in recent days, and Ring Energy has earned a consensus one-year price target of $11.92, higher than the opening price of $9.90, a difference of 11.85 percent. Ring Energy stock has a 52-week high of $11.53. Stock prices often shift to the upside on recommendations and new price targets of professional analysts.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Shares of Ring Energy (NYSE: REI) opened at $9.90 yesterday and traded in a range between, $9.50 and $10.13, and last traded at $10.06, which is an increase of $0.37 from the previous closing price.
Ring Energy (NYSE: REI) now has a market cap of 421.69M.
75,372 shares crossed the trading desk yesterday, lower than the average, out of a total float 31,900,000. Swing traders often use swings in trading volume to pinpoint heavy volume aggregation or circulation by institutional investors, so look for trading volume to pick up in the coming days.
As with all possible breakouts, investors watch for volume to be at least 40%-50% above 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.
Professional investors such as these have teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
By following the activity of these professional investors and how they influence moving averages,it allows for traders to make more effective decisions on trades.
Trades for Ring Energy (NYSE: REI) have ranged from $4.00 – 11.53, and the stock now has a 50-day MA of $9.86 and 200-day MA of $7.88. Today’s last price is 0.13% under the 52 week high of $11.53.
Earnings growth is a crucial factor to look at when investing in stocks and investors look for companies that have raised their earnings by at least 25% over the past 3 years.
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