Synergy Resources Corp (NASDAQ: SYRG) had its price target increased by equities researchers at Citigroup Inc. from $7.50 to $8.50.Citigroup Inc. currently has a rating of Buy on the shares. A number of other analysts have issued reports on the stock in recent days, and Synergy Resources Corp has earned a consensus one-year price target of $8.84, higher than the opening price of $6.72, a difference of 12.74 percent. Synergy Resources Corp stock has a 52-week high of $12.24.
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
Stock prices often move to the upside on recommendations and new price targets of professional analysts.
Shares of Synergy Resources Corp (NASDAQ: SYRG) opened at $6.72 yesterday and traded in a range between, $6.72 and $7.05, and last traded at $6.94, which represents a change of $ 0.09 over the previous closing price.
Synergy Resources Corp (NASDAQ: SYRG) now has a market cap of 1.39B
The stocks average daily volume is 4,835,510 shares out of a total float 142,325,000 of and some 4,893,642 shares crossed the trading desk yesterday, 76 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
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 Synergy Resources Corp (NASDAQ: SYRG) now has a 50-day MA is $6.68 and 200-day MA is $6.89, and it has traded in a 52-week range between $5.01 – 12.24 and today’s last price is -0.43 percent off the 52 week high of $12.24.
Earnings growth is an important factor toresearch when investing in 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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