Analysts at Zacks Investment Research upgraded shares of Paragon Commercial Corp (NASDAQ: PBNC) from Hold to Buy on Tuesday, September 13. A number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $41.00 , higher than the opening price of $36.13. Share prices sometimes get a bounce to the upside when analysts upgrade a stock.
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
Shares of Paragon Commercial Corp (NASDAQ: PBNC) opened at $36.13 and traded in a range between, $36.15 and $36.87 on Friday, and last traded at $36.55, which represents a change of $ 0.06 over the previous closing price. Paragon Commercial Corphas a 52-week high of $38.73
Paragon Commercial Corp (NASDAQ: PBNC) currently has a market cap of 199.23M
The stocks average daily volume is 7,880 shares out of a total float 3,733,000 of and some 3,655 shares traded hands yesterday, 88 percent lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution 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.
These professional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you are researching.
A moving average can also act as support or resistance. In an uptrend a 50-day or 200-day moving average may act as a support level.
With that in mind Paragon Commercial Corp (NASDAQ: PBNC) now has a 50-day MA is $36.59 and 200-day MA is $36.04, and it has traded in a 52-week range between $33.65 – 38.73 and the last closing price is -0.06 percent off the 52 week high.
Earnings growth is an important factor toresearch when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of The Woodbridge Citizen. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.