South State Corp. (NASDAQ: SSB) shares rose on Wednesday Nov 30 with lower trade volume than normal after more analysts initiated coverage on the stock.
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.
Analysts at Brean Capital initiated coverage on South State Corp. (NASDAQ: SSB) stock, rating the company at Hold. With a rating of Hold on the shares, South State Corp. has a 52-week high of $87.75. The one-year price target of $78.66 is lower than the opening price of $86.25, resulting a number of other analysts to comment on the stock in recent days. Price changes targets are not uncommon as analysts and brokerage firms will re periodic updates after initiating coverage,.
South State Corp. (NASDAQ: SSB) shares last traded at $85.75, which represents a spike of $0.45 or 0.53% compared to the previous closing price. Opening at $86.25, they ranged from $85.25 and $86.25 throughout the day.
South State Corp. (NASDAQ: SSB) now has a market cap of 2.06B.
South State Corp. (NASDAQ: SSB) Average Daily Trading Volume
4,502 shares traded hands yesterday, below the average, out of a total float 23,133,000. Look for trading volume to pick up in the coming days as swing traders often use swings in trading volume to identify large volume accumulation or circulation by institutional investors.
As with all potential breakouts, investors watch for volume to be at least 40%-50% above normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have teams of analysts that investigate thousands of stocks, so it is good validation to see them buying a stock you are researching.
South State Corp. (NASDAQ: SSB) 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 winning trades.
Trades for South State Corp. (NASDAQ: SSB) have ranged from $59.19 – 87.75, and the stock now has a 50-day MA of $77.20 and 200-day MA of $73.38. Today’s last price is 2.28%% lower than the 52 week high of $87.75.
Earnings growth is an important factor to look at when buying stocks and investors watch for companies that have been successful at growing their earnings by at least 25% for 3 consecutive years.
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