Analysts at Rodman & Renshaw initiated coverage on Hecla Mining Co. (NYSE: HL) stock, starting the company at Buy and a price target of $9.00. 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 $6.06, lower than the opening price of $6.14. Hecla Mining Co.stock has a 52-week high of $7.26.
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.
Usually, after analysts publish an “initiating coverage” report on a stock, they will subsequently issue periodic updates.
Shares of Hecla Mining Co. (NYSE: HL) opened at $6.14 and traded in a range between, $6.05 and $6.27 yesterday, and last traded at $6.24, which represents a change of $ 0.33 over the previous closing price.
Hecla Mining Co. (NYSE: HL) currently has a market cap of 2.41B
The stocks average daily volume is 10,236,800 shares out of a total float 382,393,000 of and some 7,553,638 shares traded hands yesterday, 85 percent lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks 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 professional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them buying 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 Hecla Mining Co. (NYSE: HL) now has a 50-day MA is $6.35 and 200-day MA is $4.46, and it has traded in a 52-week range between $1.45 – 7.26 and today’s last price is -14.05 percent off the 52 week high.
Earnings growth is an important factor to look at 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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