Analysts at Zacks Investment Research upgraded shares of PriceSmart Inc. (NASDAQ: PSMT) from Sell to Hold on Tuesday, September 13. A number of other analysts have commented on the stock recently, and the company has earned a consensus one-year price target of $96.67 , higher than the opening price of $79.94. Stock prices often move to the upside on recommendations and new price targets of professional brokerage firms.
U.S. stocks finished higher on Monday as investor fears for an interest rate hike subsided after Federal Reserve Board Governor Lael Brainard urged caution about removing monetary stimulus too quickly.
The Dow Jones Industrial Average DJIA, +1.32% surged 239.62 points, or 1.3%, to close at 18,325.07, after jumping as high as 273 points.
The S&P 500 SPX, +1.47% rose 31.23 points, or 1.5%, to finish at 2,159.04, with all sectors closing in positive territory.
Meanwhile, the Nasdaq Composite Index COMP, +1.68% finished up 85.98 points, or 1.7%, at 5,211.89, propelled by a rally in biotechnology shares
Shares of PriceSmart Inc. (NASDAQ: PSMT) opened at $79.94 and traded in a range between, $79.32 and $80.74 on Friday, and last traded at $80.44, which represents a change of $ 0.07 over the previous closing price. PriceSmart Inc.has a 52-week high of $98.49
PriceSmart Inc. (NASDAQ: PSMT) now has a market cap of 2.40B
The stocks average daily volume is 132,862 shares out of a total float 24,226,000 of and some 25,472 shares traded hands yesterday, 11 percent lower than normal. Look for trading volume to pick up in the coming days as swing traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for short periods will not mean much will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship simply refers to 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 considering.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
With that in mind PriceSmart Inc. (NASDAQ: PSMT) now has a 50-day MA is $81.63 and 200-day MA is $84.35, and it has traded in a 52-week range between $68.51 – 98.49 and the last closing price is -0.18 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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