Applied Micro Circuits Corp. (NASDAQ: AMCC) Stock Upgraded at Zacks Investment Research

Analysts at Zacks Investment Research upgraded shares of Applied Micro Circuits Corp. (NASDAQ: AMCC) from Sell to Hold today. With a rating of Hold on the stock, Applied Micro Circuits Corp. has a 52-week high of $7.68. The one-year price target of $8.43 is higher than the opening price of $7.00, resulting a number of other analysts to report on the company recently. Share prices often shift to the upside on recommendations and new price targets of professional analysts.

U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.

The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.

The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.

The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.

Shares of Applied Micro Circuits Corp. (NASDAQ: AMCC) opened at $7.00 yesterday and traded in a range between, $6.86 and $7.00, and last traded at $6.88, a dip of $0.06 compared to the previous closing price.

Applied Micro Circuits Corp. (NASDAQ: AMCC) now has a market cap of 587.32M.

290,802 shares traded hands yesterday, 30 percent lower than normal, out of a total float 75,861,000. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume aggregation or circulation by institutional investors.

However, just a day of high volume buy side trading is not enough to determine a trend. As such, market traders will continue to look for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Institutional investors such as these have substantial teams of analysts that investigate thousands of stocks, so it is good validation to see them buying a stock you are researching.

By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.

With that in mind, Applied Micro Circuits Corp. (NASDAQ: AMCC) now has a 50-day MA of $7.04 and 200-day MA of $6.59. It has traded in a 52-week range between $4.93 – 7.68 and today’s last price is 0.10% lower than the 52 week high of $7.68.

Earnings growth is a critical factor to look at when investing in stocks and investors seek companies that have increased their earnings by at least 25% over 3 consecutive years.

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