Analysts at Zacks Investment Research upgraded shares of Trovagene Inc. (NASDAQ: TROV) from Hold to Buy today. With a rating of Buy on the shares, the company has a 52-week high of $7.18. A number of other analysts have issued reports on the stock recently, and Trovagene Inc. has secured a consensus one-year price target of $6.75, higher than the opening price of $4.64, a difference of 14.30 percent. Typically, after analysts issue an upgrade report on a stock, they will subsequently issue recurring revisions, such as a price target change.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Yesterday Trovagene Inc. (NASDAQ: TROV) shares last traded at $4.72, which represents an increase of $0.07 over the previous closing price. Opening at $4.64, they varied from $4.56 and $4.76 throughout the day.
Trovagene Inc. (NASDAQ: TROV) currently has a market cap of 142.29M.
192,270 shares traded hands yesterday, lower than normal, out of a total float 23,298,000. Momentum traders often use upticks in trading volume to pinpoint substantial volume aggregation or dissemination by institutional investors, so trading volume is likely to increase in the next few days.
However, a single day of significant buy side trading is not enough to affirm a trend. So market traders will continue to look for institutional sponsorship as an indicator that financial institutions are moving forward.
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 that investigate thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
Trades for Trovagene Inc. (NASDAQ: TROV) have ranged from $2.85 – 7.18, and the stock now has a 50-day MA of $5.17 and 200-day MA of $5.01. Today’s last price is 0.34% lower than the 52 week high of $7.18.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors seek companies that have raised their earnings at least 25% or more over 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 website. 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.