Entegris Inc. (NASDAQ: ENTG) shares closed lower on Monday Nov 21 with lower trade volume than normal after more analysts initiated coverage on the stock.
Meanwhile, stocks were set to open higher this morning. The Dow Jones Industrial Average futures YMZ6, +0.20% was 10 points, or less than 0.1%, higher at 18,863, while S&P 500 index futures ESZ6, +0.44% rose 3.95 points, or 0.2%, at 2,184.75. Nasdaq-100 NQZ6, +0.74% added 12.25 points, or 0.2%, to 4,820.75.
Analysts at Needham & Company LLC initiated coverage on Entegris Inc. (NASDAQ: ENTG) stock, rating the company at Hold. With a rating of Hold on the stock, Entegris Inc. has a 52-week high of $18.55. As a means of comparison, a number of other analysts have commented on the stock recently, and the company has earned a consensus one-year price target of $19.00, above the opening price of $18.35, a difference of 10.33 percent. Changes in price targets are not unheard of as analysts and brokerage firms will issue periodic updates after initiating coverage,.
Shares of Entegris Inc. (NASDAQ: ENTG) opened at $18.35 on Monday and traded in a range between, $18.30 and $18.50, and last traded at $18.40, which represents a decrease of $0.05 per share or -0.27% over the previous closing price.
Entegris Inc. (NASDAQ: ENTG) currently has a market cap of 2.60B.
Entegris Inc. (NASDAQ: ENTG) Average Daily Trading Volume
43,438 shares traded hands yesterday, lower than normal, out of a total float 126,646,000. Look for trading volume to pick up in the coming days as investors often use swings in trading volume to pinpoint large volume aggregation or dissemination by institutional investors.
However, one 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 an indicator that financial institutions are moving forward.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have substantial teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Entegris Inc. (NASDAQ: ENTG) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
Trades for Entegris Inc. (NASDAQ: ENTG) have ranged from $10.37 – 18.55, and the stock now has a 50-day MA of $16.70 and 200-day MA of $15.72. Today’s last price is 0.81%% below the 52 week high of $18.55.
Earnings growth is a crucial factor to consider when buying stocks and investors watch for companies that have grown their earnings at least 25% or more for a 3 year period.
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