Analysts at Royal Bank Of Canada downgraded shares of Ascena Retail Group Inc. (NASDAQ: ASNA) from Outperform to Sector Perform in a research note to investors today.Royal Bank Of Canada currently has a rating of Sector Perform on the shares. The one-year price target of $11.67 is above the opening price of $6.10, resulting a number of other analysts to report on the company in recent days. Looking back over the last year, Ascena Retail Group Inc. stock has a high of $14.76. Downgrades occur when analysts believe that the future prospects for the security have diminished from the original recommendation, often because of a material and fundamental digression in the company’s operations, future vision or industry.
U.S. stocks on Monday closed mostly flat, after trading firmly higher, in a volatile session ahead of the start of a pair of closely watched central-bank policy meetings.
The Dow Jones Industrial Average DJIA, -0.02% closed down 3.63 points at 18,120.17.
The blue-chip index had been up by as much as 131 points earlier and traded within a 162-point range.
The S&P 500 SPX, +0.00% slipped 0.04 points to close at 2,139.12, after trading within an 18-point range
Meanwhile, the Nasdaq Composite Index COMP, -0.18% declined 9.54 points, or 0.2%, to close at 5,235.03.
Earlier, the index had been up by as many as 37 points and traded with a 58-point range
Yesterday Ascena Retail Group Inc. (NASDAQ: ASNA) shares last traded at $5.90, which represents a drop of $2.23 over the previous closing price. Opening at $6.10, they fluctuated from $5.80 and $6.15 throughout the day.
Ascena Retail Group Inc. (NASDAQ: ASNA) currently has a market cap of 1.13B.
The stock’s average daily volume is 2,323,420 shares out of a total float 134,815,000 and some 11,506,142 shares traded hands yesterday, 61 percent above the norm. Considerable volume aggregation by institutional investors may be on the horizon as the combination of large increases in trading volume and price inflation can be determining components.
As with all potential breakouts, investors watch for volume to be at least 40%-50% above normal on the breakout to demonstrate that fund managers and other professional investors are jumping in.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have substantial teams of analysts that investigate thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are considering.
Traders are able to make make more useful choices on trades when they track the activity of professional investors.
Trades for Ascena Retail Group Inc. (NASDAQ: ASNA) have ranged from $5.80 – 14.760, and the stock now has a 50-day MA of $8.03 and 200-day MA of $8.34. Today’s last price is 0.60% below the 52 week high of $14.76.
Earnings growth is an important factor to look at when investing in stocks and investors identify companies that have been successful at growing their earnings by at least 25% over the past 3 years.
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