Zacks Investment Research (RPC Inc.: NYSE) shares slid back in value Wednesday Dec 28 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, U.S. stocks were little changed on Wednesday, as investors found few reasons to keep pushing shares higher towards the 20,000 mark.
The Dow Jones Industrial Average DJIA, -0.11% rose 3.1 points to 19,949, essentially unchanged on the day. The S&P 500 SPX, -0.39% lost 3 points, or 0.1%, to 2,266 while the Nasdaq Composite Index COMP, -0.59% slipped 6.4 points, or 0.1%, to 5,482.
Analysts at Zacks Investment Research upgraded shares of Zacks Investment Research (RPC Inc.: NYSE) from Hold to Buy today. With a rating of Buy on the shares, RPC Inc. has a 52-week high of $22.28. As a means of comparison, a number of other analysts have commented on the stock recently, and RPC Inc. has earned a consensus one-year price target of $19.19, a decrease compared to the opening price of $20.20, a difference of 9.56 percent. Stock prices sometimes get a boost to the upside when analysts upgrade a stock.
Zacks Investment Research (RPC Inc.: NYSE) shares last traded at $20.08, which represents a dip of $0.10 per share or -0.50% from the previous closing price. Opening at $20.20, they ranged from $20.08 and $20.29 throughout the day.
Zacks Investment Research (RPC Inc.: NYSE) currently has a market cap of 4.37B.
Zacks Investment Research (RPC Inc.: NYSE) Average Daily Trading Volume
The stock’s average daily volume is 1,808,220 shares out of a total float 67,701,000 and some 40,334 shares crossed the trading desk yesterday, lower than normal. Momentum traders often use upticks in trading volume to identify heavy volume accumulation or circulation by institutional investors, so look for trading volume to pick up in the coming days.
As with all possible breakouts, investors look for volume to be at least 40%-50% greater than normal on the breakout to demonstrate 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 that research thousands of stocks, so it is good validation to see them taking a postion in a stock you’re considering.
Zacks Investment Research (RPC Inc.: NYSE) 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 spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
With that in mind, Zacks Investment Research (RPC Inc.: NYSE) now has a 50-day MA of $19.34 and 200-day MA of $16.72. It has traded in a 52-week range between $9.73 – 22.28 and today’s last price is 9.87%% lower than the 52 week high of $22.28.
Earnings growth is a critical factor to research when buying stocks and investors identify companies that have grown their earnings by at least 25% for 3 consecutive years.
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