Shares of Independent Bank Corp. (NASDAQ: INDB) were downgraded by analysts at Compass Point in a note to their investors today.With a rating of Sell on the stock, the company has a 52-week high of $54.12. The one-year price target of $48.75 is lower than the opening price of $52.19, that has caused a fair amount of other analysts to issue statements on the company in recent days. Important and fundamental digressions in the company’s operations, future outlook or industry can cause downgrades as the analysts believe that the future prospects for the security have diminished from the original recommendation.
U.S. stocks on Monday closed mostly 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 gauge 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 Nasdaq Composite Index had been up by as many as 37 points and traded with a 58-point range
Shares of Independent Bank Corp. (NASDAQ: INDB) opened at $52.19 yesterday and traded in a range between, $50.84 and $52.68, and last traded at $52.47, which is a drop of $0.57 over the previous closing price.
Independent Bank Corp. (NASDAQ: INDB) now has a market cap of 1.38B.
15,841 shares traded hands yesterday, 97 percent below the norm, out of a total float 25,610,000. Look for trading volume to pick up in the coming days as swing traders often use increases in trading volume to identify heavy volume aggregation or distribution 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 period of days or weeks sends a positive cue to market traders that institutions may be moving in, so institutional sponsorship is critical.
Institutional sponsorship simply 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 research thousands of stocks, so it is good corroboration to see them taking a postion in a stock you’re researching.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, Independent Bank Corp. (NASDAQ: INDB) now has a 50-day MA of $52.09 and 200-day MA of $48.16. It has traded in a 52-week range between $39.58 – 54.12 and today’s last price is 0.03% lower than the 52 week high of $54.12.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors look for companies that have been successful at growing their earnings at least 25% or more over a 3 year period.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.