Forum Energy Technologies Inc. (NYSE: FET) had its price target raised by equities researchers at Citigroup Inc. from $18.00 to $19.00.Citigroup Inc. currently has a rating of Neutral on the shares. A number of other analysts have spoken on the company in recent days, and the company has earned a consensus one-year price target of $18.86, higher than the opening price of $17.75, a difference of 10.22 percent. Forum Energy Technologies Inc. stock has a 52-week high of $19.32.
U.S. stocks finished higher on Monday as investor fears for an interest rate hike subsided after Federal Reserve Board Governor Lael Brainard urged caution about removing monetary stimulus too quickly.
The Dow Jones Industrial Average DJIA, +1.32% surged 239.62 points, or 1.3%, to close at 18,325.07, after jumping as high as 273 points.
The S&P 500 SPX, +1.47% rose 31.23 points, or 1.5%, to finish at 2,159.04, with all sectors closing in positive territory.
Meanwhile, the Nasdaq Composite Index COMP, +1.68% finished up 85.98 points, or 1.7%, at 5,211.89, propelled by a rally in biotechnology shares
Share prices sometimes get a bounce to the upside when analysts inititate coverage.
Shares of Forum Energy Technologies Inc. (NYSE: FET) opened at $17.75 yesterday and traded in a range between, $17.62 and $18.55, and last traded at $18.46, which represents a change of $ 0.49 over the previous closing price.
Forum Energy Technologies Inc. (NYSE: FET) now has a market cap of 1.67B
The stocks average daily volume is 803,909 shares out of a total float 63,938,000 of and some 589,632 shares crossed the trading desk yesterday, 93 percent 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, conversely, 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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are researching.
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 Forum Energy Technologies Inc. (NYSE: FET) now has a 50-day MA is $17.21 and 200-day MA is $15.79, and it has traded in a 52-week range between $8.47 – 19.32 and today’s last price is -0.04 percent off the 52 week high of $19.32.
Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.
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