McGrath RentCorp (NASDAQ: MGRC) had its price target raised by equities researchers at Sidoti from $36.00 to $40.00. The company currently has a rating of 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 $40.00, higher than the opening price of $31.49, a difference of 12.77 percent. McGrath RentCorp stock has a 52-week high of $33.35.
Stocks closed mostly in negative territory Wednesday in the wake of slumping crude-oil prices, erasing earlier gains for the major indices, while the tech-heavy Nasdaq bucked the losing trend.
The Dow Jones Industrial Average DJIA, -0.18% slid 31.98 points, or 0.2%, to close at 18,034.77
The S&P 500 index SPX, -0.06% fell 1.25 points to end at 2,125.77, weighed by a 1.2% drop in the energy sector.
The Nasdaq Composite Index COMP, +0.36% advanced 18.52 points, or 0.4%, to close at 5,173.77.
Stock prices often move to the upside on recommendations and new price targets of professional analysts.
Shares of McGrath RentCorp (NASDAQ: MGRC) opened at $31.49 yesterday and traded in a range between, $31.28 and $31.97, and last traded at $31.32, which represents a change of $ -0.03 over the previous closing price.
McGrath RentCorp (NASDAQ: MGRC) now has a market cap of 748.49M
The stocks average daily volume is 92,145 shares out of a total float 23,273,000 and some 91,100 shares crossed the trading desk yesterday, 80 percent lower than normal. Look for trading volume to pick up in the coming days as investors often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for one day will not mean much, however, 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 professional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re considering.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
With that in mind McGrath RentCorp (NASDAQ: MGRC) now has a 50-day MA is $31.76 and 200-day MA is $28.38, and it has traded in a 52-week range between $21.46 – 33.35 and today’s last price is -6.09 percent off the 52 week high of $33.35.
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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