Analysts at Zacks Investment Research upgraded shares of Goldman Sachs Group Inc. (NYSE: GS) from Hold to Buy today.With a rating of Buy on the shares, Goldman Sachs Group Inc. has a 52-week high of $199.90. The one-year price target of $181.63 is higher than the opening price of $167.68, causing a number of other analysts to report on the company in recent days. Usually, after analysts issue an upgrade report on a stock, they will subsequently issue recurring updates, such as a price target change.
U.S. stocks on Monday closed essentially flat, after trading firmly higher, in a volatile session ahead of the start of a pair of closely watched central-bank policy meetings.
The Dow Jones Industrial Average DJIA, -0.02% closed down 3.63 points at 18,120.17.
The blue-chip index had been up by as much as 131 points earlier and traded within a 162-point range.
The S&P 500 SPX, +0.00% slipped 0.04 points to close at 2,139.12, after trading within an 18-point range
Meanwhile, the Nasdaq Composite Index COMP, -0.18% declined 9.54 points, or 0.2%, to close at 5,235.03.
Earlier, the index had been up by as many as 37 points and traded with a 58-point range
Yesterday Goldman Sachs Group Inc. (NYSE: GS) shares last traded at $167.86, which is a jump of $1.65 from the previous closing price. Opening at $167.68, they varied from $167.24 and $168.28 throughout the day.
Goldman Sachs Group Inc. (NYSE: GS) now has a market cap of 71.58B.
The stock’s average daily volume is 2,935,590 shares out of a total float 376,280,000 and some 403,459 shares crossed the trading desk yesterday, 19 percent lower than the average. Look for trading volume to pick up in the coming days as momentum traders often use swings in trading volume to pinpoint large volume accumulation or circulation by institutional investors.
While increased trading for short periods will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks sends a positive indicator 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.
Institutional investors such as these have substantial teams of analysts that investigate thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
By tracking the activity of these professional investors—and the moving averages they affect— traders can make educated trades.
Trades for Goldman Sachs Group Inc. (NYSE: GS) have ranged from $138.20 – 199.90, and the stock now has a 50-day MA of $165.54 and 200-day MA of $158.27. Today’s last price is 0.16% lower than the 52 week high of $199.90.
Earnings growth is a critical factor to research when buying stocks and investors seek companies that have raised their earnings at least 25% or more for the past 3 years.
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