MiX Telematics Ltd – (NYSE: MIXT) had its price target raised by equities researchers at Canaccord Genuity from $9.00 to $10.00.Canaccord Genuity currently has a rating of Buy on the stock. A number of other analysts have issued reports on the stock recently, and MiX Telematics Ltd – has earned a consensus one-year price target of $7.50, higher than the opening price of $5.27, a difference of 14.51 percent. MiX Telematics Ltd – stock has a 52-week high of $6.07.
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 MiX Telematics Ltd – (NYSE: MIXT) opened at $5.27 yesterday and traded in a range between, $5.10 and $5.30, and last traded at $5.17, which represents a change of $ -0.14 over the previous closing price.
MiX Telematics Ltd – (NYSE: MIXT) now has a market cap of 157.80M
The stocks average daily volume is 26,655 shares out of a total float 12,398,000 of and some 85,129 shares traded hands yesterday, 121 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
While increased trading for short periods will not mean much 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 simply refers to 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 buying a stock you’re considering.
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 MiX Telematics Ltd – (NYSE: MIXT) now has a 50-day MA is $5.31 and 200-day MA is $4.60, and it has traded in a 52-week range between $3.33 – 6.07 and today’s last price is -0.15 percent off the 52 week high of $6.07.
Earnings growth is an important factor to look at when buying 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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