Analysts at JPMorgan Chase & Co. initiated coverage on YY Inc. (NASDAQ: YY) stock, starting the company at Overweight and a price target of $62.00. As a means of comparison, a number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $57.13, $49.19. YY Inc.stock has a 52-week high of $65.53.
U.S. stocks finished August with its second consecutive day of losses, albeit moderately. Volume for the day was less than stellar as traders readied themselves for a long holiday weekend.
The Dow Jones Industrial Average fell 53 points, or 0.29 percent, to 18,401.
The S&P 500 shed a little more than 5 points, or 0.24 percent, to close at 2,171.
The Nasdaq lost 10 points, or 0.19 percent, to finish at 5,213.
Typically, after analysts publish an “initiating coverage” report on a stock, they will subsequently issue periodic updates.
Shares of YY Inc. (NASDAQ: YY) opened at $49.19 and traded in a range between, $48.60 and $52.35 yesterday, and last traded at $51.45, which represents a change of $ 3.38 over the previous closing price.
YY Inc. (NASDAQ: YY) currently has a market cap of 2.83B
The stocks average daily volume is 1,269,840 shares out of a total float 32,298,000 of and some 4,273,385 shares crossed the trading desk yesterday, 32 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 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 are researching.
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 YY Inc. (NASDAQ: YY) now has a 50-day MA is $43.63 and 200-day MA is $48.86, and it has traded in a 52-week range between $31.07 – 65.53 and today’s last price is -21.49 percent off the 52 week high.
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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