HealthEquity Inc. (NASDAQ: HQY) had its price target increased by equities researchers at Raymond James Financial Inc. from $32.00 to $40.00. The company currently has a rating of Outperform on the shares. A number of other analysts have issued reports on the stock in recent days, and HealthEquity Inc. has earned a consensus one-year price target of $36.67, higher than the opening price of $33.29, a difference of 10.90 percent. HealthEquity Inc. stock has a 52-week high of $35.78.
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 HealthEquity Inc. (NASDAQ: HQY) opened at $33.29 yesterday and traded in a range between, $32.70 and $33.69, and last traded at $33.65, which represents a change of $ 0.34 over the previous closing price.
HealthEquity Inc. (NASDAQ: HQY) currently has a market cap of 1.97B
The stocks average daily volume is 351,081 shares out of a total float 43,977,000 of and some 780,258 shares crossed the trading desk yesterday, 114 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal 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 substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
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 HealthEquity Inc. (NASDAQ: HQY) now has a 50-day MA is $30.51 and 200-day MA is $27.14, and it has traded in a 52-week range between $15.80 – 35.779 and today’s last price is -0.06 percent off the 52 week high of $35.78.
Earnings growth is an important factor to look at when investing in stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.
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