Western Digital Corp. (NASDAQ: WDC) shares rose in value Tuesday Nov 22 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, The Dow Jones Industrial Average opened opened higher, trading above 19,000 for the first time ever, while the S&P 500 traded above 2,200 shortly after the opening bell on Tuesday.
The S&P 500 SPX, +0.17% opened 5 points, or 0.2%, higher at 2,202. The Dow Jones Industrial Average DJIA, +0.20% added 45 points, or 0.2%, to 19,002. The Nasdaq Composite COMP, +0.25% began the session up 16 points, or 0.3%, at 5,385.
Analysts at Vetr Inc. upgraded shares of Western Digital Corp. (NASDAQ: WDC) from Buy to Strong-Buy today. The company currently has a rating of Strong-Buy on the shares. A number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $70.01, higher than the opening price of $61.45, a difference of 11.36 percent. Western Digital Corp. stock has a 52-week high of $64.73. Typically, after analysts give an upgrade report on a stock, they will subsequently issue recurring updates, such as a price target change.
Shares of Western Digital Corp. (NASDAQ: WDC) opened at $61.45 on Tuesday and has traded in a range between, $61.11 and $61.89, and last traded at $61.64, a spike of $0.47 or 0.77% compared to the previous closing price.
Western Digital Corp. (NASDAQ: WDC) currently has a market cap of 17.60B.
Western Digital Corp. (NASDAQ: WDC) Average Daily Trading Volume
154,984 shares traded hands yesterday, lower than normal, out of a total float 284,962,000. Trading volume is likely to increase in the next few days as swing traders often use swings in trading volume to determine substantial volume accumulation or dissemination by institutional investors.
However, a single day of heavy buy side trading is not enough to determine a trend. As such, market traders will continue to look for institutional sponsorship as a cue that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these 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.
Western Digital Corp. (NASDAQ: WDC) 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.
Traders are able to make make more effective choices on trades when they follow the trading habits of professional investors.
Trades for Western Digital Corp. (NASDAQ: WDC) have ranged from $34.99 – 64.73, and the stock now has a 50-day MA of $57.08 and 200-day MA of $50.06. Today’s last price is 4.77%% lower than the 52 week high of $64.73.
Earnings growth is a crucial factor to look at when investing in stocks and investors seek companies that have increased their earnings by at least 25% for a 3 year period.
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