Analysts at Zacks Investment Research upgraded shares of PolyMet Mining Corp. (NYSE: PLM) from Hold to Buy today. The company currently has a rating of Buy on the stock. As a means of comparison, a number of other analysts have issued reports on the stock in recent days, and PolyMet Mining Corp. has secured a consensus one-year price target of $2.45, above the opening price of $0.84. PolyMet Mining Corp. stock has a 52-week high of $1.28. Stock prices often shift to the upside on recommendations and new price targets of professional brokerage firms.
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 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
Yesterday PolyMet Mining Corp. (NYSE: PLM) shares last traded at $0.85, which is a decrease of $0.00 over the previous closing price. Opening at $0.84, they fluctuated from $0.84 and $0.85 throughout the day.
PolyMet Mining Corp. (NYSE: PLM) currently has a market cap of 235.04M.
5,858 shares crossed the trading desk yesterday, 77 percent below the average, out of a total float 191,799,000. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume growth or circulation by institutional investors.
While higher trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks expresses a positive cue to market traders that institutions may be moving in, so institutional sponsorship is crucial.
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 teams of analysts that investigate thousands of stocks, so it is good confirmation to see them buying a stock you are considering.
By marking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more useful judgments on trades.
Trades for PolyMet Mining Corp. (NYSE: PLM) have ranged from $0.55 – 1.2800, and the stock now has a 50-day MA of $0.87 and 200-day MA of $0.84. Today’s last price is 0.34% under the 52 week high of $1.28.
Earnings growth is an important factor to consider when investing in stocks and investors identify companies that have grown their earnings at least 25% or more for the past 3 years.
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