Wells Fargo & Co. analysts reiterated its Market Perform rating on Apple Inc. (NASDAQ: AAPL) in a note to investors, making it one of the more closely watched stocks on Wall Street. With a rating of Market Perform on the shares, the company has a 52-week high of $123.82. As a means of comparison, a number of other analysts have issued reports on the stock in recent days, and Apple Inc. has secured a consensus one-year price target of $125.68, higher than the opening price of $113.06. Usually, after analysts issue a “reiterated rating” report on a stock, they will later issue recurring updates, such as a price target change.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Shares of Apple Inc. (NASDAQ: AAPL) opened at $113.06 yesterday and traded in a range between, $112.51 and $114.12, and last traded at $113.57, a drop of $0.01 from the previous closing price.
Apple Inc. (NASDAQ: AAPL) currently has a market cap of 611.97B.
34,514,269 shares crossed the trading desk yesterday, 100 percent lower than the average, out of a total float 5,369,475,000. Trading volume is likely to increase in the next few days as swing traders often use swings in trading volume to determine large volume aggregation or distribution by institutional investors.
However, one day of high volume buy side trading is not enough to affirm a trend. So market traders will continue to look for institutional sponsorship as an indicator that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts that investigate thousands of stocks, so it is good validation to see them taking a postion in a stock you’re researching.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
Trades for Apple Inc. (NASDAQ: AAPL) have ranged from $89.47 – 123.82, and the stock now has a 50-day MA of $108.35 and 200-day MA of $102.31. Today’s last price is 0.08% below the 52 week high of $123.82.
Earnings growth is an important factor to consider when buying stocks and investors look for companies that have increased their earnings at least 25% or more over a 3 year period.
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