Veeco Instruments Inc. (NASDAQ: VECO) shares rose on Friday January 13 on heavier trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile, The Dow Jones Industrial Average DJIA, -0.03% slipped 5.27 points to close 19,885.73, moving in a roughly 100-point range all session. For the week, the blue-chip index is off 0.4%.
U.S. financial markets will be closed Monday for Martin Luther King Jr. Day.
The S&P 500 index SPX, +0.18% added 4.20 points, or 0.2%, to end at 2,274.64 for a weekly loss of 0.1%, and the Nasdaq Composite Index COMP, +0.48% climbed 26.63 points, or 0.5%, to finish at 5,574.12, its sixth all-time closing high in seven trading sessions.
Veeco Instruments Inc. (NASDAQ: VECO) had its Neutral rating reiterated by equities researchers at Goldman Sachs Group, Inc. (The) in a research note to investors. With a rating of Neutral on the stock, Veeco Instruments Inc. has a 52-week high of $30.45. As a means of comparison, a number of other analysts have issued reports on the stock recently, and Veeco Instruments Inc. has secured a consensus one-year price target of $31.17, higher than the opening price of $27.15. Usually, after analysts publish a “reiterated rating” report on a stock, they will subsequently issue periodic revisions, often followed by a price target change.
Shares of Veeco Instruments Inc. (NASDAQ: VECO) opened at $27.15 yesterday trading between $26.88 and $27.50, and last traded at $27.40, an increase of $0.40 over the previous closing price.
Veeco Instruments Inc. (NASDAQ: VECO) now has a market cap of 1.11B.
Veeco Instruments Inc. (NASDAQ: VECO) Average Daily Trading Volume
The stock’s average daily volume is 255,456 shares out of a total float 39,974,000 and some 929,771 shares traded hands yesterday, 59 percent higher than normal. higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show 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.
These instituitional investors retain substantial teams of analysts researching thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
Veeco Instruments Inc. (NASDAQ: VECO) 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 tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind, Veeco Instruments Inc. (NASDAQ: VECO) now has a 50-day MA of $27.98 and 200-day MA of $21.81. It has traded in a 52-week range between $15.26 – 30.45 and today’s last price is 10.02%% lower than the 52 week high of $30.45.
Earnings growth is an important factor to look at when buying stocks and investors seek companies that have been successful at growing their earnings by at least 25% for a 3 year period.
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