Synchronoss Technologies, Inc. (NASDAQ: SNCR) shares fell back in value on Tuesday February 14 on slower 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 opened slightly lower on Tuesday. The main three benchmarks retreated after touching the latest in a series of record highs on Monday, with the S&P 500 index SPX, -0.09% down two points, or 0.1%, to 2,326.
The Dow Jones Industrial Average DJIA, -0.02% fell 34 points, or 0.2%, to 20,381. The Nasdaq Composite Index COMP, -0.13% shed eight points, or 0.1%, to 5,756.
Analysts at Zacks Investment Research upgraded shares of Synchronoss Technologies, Inc. (NASDAQ: SNCR) from Strong Sell to Hold today. Zacks Investment Research currently has a rating of Hold on the shares. The one-year price target of $49.50 is higher than the opening price of $33.21, that has caused a fair amount of other analysts to comment on the company in recent days. Looking back over the last year, Synchronoss Technologies, Inc. stock has a high of $49.94. Share prices sometimes get a jump to the upside when analysts upgrade a stock.
Shares of Synchronoss Technologies, Inc. (NASDAQ: SNCR) opened at $33.21 yesterday trading between $32.96 and $33.94, and last traded at $33.94, which is a decrease of $0.19 from the previous closing price.
Synchronoss Technologies, Inc. (NASDAQ: SNCR) now has a market cap of 1.49B.
Synchronoss Technologies, Inc. (NASDAQ: SNCR) Average Daily Trading Volume
The stock’s average daily volume is 507,713 shares out of a total float 40,371,000 and some 107,468 shares crossed the trading desk yesterday, 89 percent below normal. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for short periods will not mean much will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
Synchronoss Technologies, Inc. (NASDAQ: SNCR) 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.
Trades for Synchronoss Technologies, Inc. (NASDAQ: SNCR) have ranged from $22.09 – 49.94, and the stock now has a 50-day MA of $38.07 and 200-day MA of $40.77. Today’s last price is 32.04%% below the 52 week high of $49.94.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors identify companies that have raised their earnings at least 25% or more for a 3 year period.
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