Analysts at JPMorgan Chase & Co. initiated coverage on Ellie Mae Inc. (NYSE: ELLI) stock, rating the company at Overweight. 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 $115.00, $97.89. Ellie Mae Inc.stock has a 52-week high of $102.63.After initiating coverage,, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.
Meanwhile, U.S. stocks saw their biggest selloff since June 24, (Brexit) on Friday after comments from a voting member of the Federal Reserve’s policy-setting committee suggested a September rate hike was still a possibility.
The Dow Jones Industrial Average dropped 394 points, or 2.13% to 18085.
The S&P 500 shed 53 points, or 2.45% to 2127, while the Nasdaq Composite erased 133 points, or 2.54% to 5125.
Stocks were not alone in declines on Friday.
Global oil prices, after rallying Thursday, dropped more than 3% Friday to trade just above $45 a barrel.
Gold prices also traded lower, shedding more than 0.6% to trade around $1,332.
Stock prices often move to the upside on recommendations and new price targets of professional analysts.
Shares of Ellie Mae Inc. (NYSE: ELLI) opened at $97.89 and traded in a range between, $95.05 and $97.89 on Friday, and last traded at $96.03, which represents a change of $ -2.47 over the previous closing price.
Ellie Mae Inc. (NYSE: ELLI) now has a market cap of 2.90B
The stocks average daily volume is 505,773 shares out of a total float 27,139,000 of and some 440,104 shares crossed the trading desk yesterday, 10 percent lower than normal. Look for trading volume to pick up in the coming days as swing traders often use increases 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 is defined by 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 Ellie Mae Inc. (NYSE: ELLI) now has a 50-day MA is $97.11 and 200-day MA is $88.95, and it has traded in a 52-week range between $57.88 – 102.63 and today’s last price is -6.43 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.
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