Primoris Services Corporation Stock Forecast
Green day on Friday for Primoris Services Corporation
(Updated on May 03, 2024)
The Primoris Services Corporation stock price gained 0.574% on the last trading day (Friday, 3rd May 2024), rising from $47.03 to $47.30. During the last trading day the stock fluctuated 3.00% from a day low at $46.96 to a day high of $48.37. The price has risen in 7 of the last 10 days and is up by 8.66% over the past 2 weeks. Volume fell on the last day by -89 thousand shares and in total, 399 thousand shares were bought and sold for approximately $18.86 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 28.32% during the next 3 months and, with a 90% probability hold a price between $56.97 and $61.78 at the end of this 3-month period.
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PRIM Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -0.337%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The Primoris Services Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $46.57 and $44.07. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Primoris Services Corporation stock
Primoris Services Corporation finds support from accumulated volume at $45.53 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.41 between high and low, or 3.00%. For the last week, the stock has had daily average volatility of 3.12%.
Our recommended stop-loss: $45.72 (-3.35%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (PRIM) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Primoris Services Corporation to open at $47.54, and during the day (based on 14 day Average True Range), to move between $45.92 and $48.68, which gives a possible trading interval of +/-$1.38 (+/-2.93%) up or down from last closing price. If Primoris Services Corporation takes out the full calculated possible swing range there will be an estimated 5.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $47.46 (0.34%) than the support at $45.53 (3.74%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Primoris Services Corporation will release earnings AMC on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0800. We will update the financials statements for Primoris Services Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.97% in the first trading day after earnings release.
Is Primoris Services Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Primoris Services Corporation stock to perform well in the short-term.
Current score: 4.256 Buy Candidate Unchanged
Predicted Opening Price for Primoris Services Corporation of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $47.54 ( 0.507%) | $47.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRIM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 48.95 | 3.49 % | |
| R2 | 48.41 | 2.35 % | ||
| R1 | 48.08 | 1.65 % | ||
| Current price: | 47.30 | |||
| Support | S1 | 47.00 | -0.631 % | |
| S2 | 46.67 | -1.33 % | ||
| S3 | 46.13 | -2.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 47.46 | 0.338 % | ||
| Current price | 47.30 | |||
| Support | S1 | 45.53 | -3.74% | |
| S2 | 40.86 | -13.62% | ||
| S3 | 37.76 | -20.17% |
PRIM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Mar 27, 2024 | Apr 15, 2024 | $0.0600 | 0.134% |
| 2 | Nov 07, 2023 | Dec 28, 2023 | Jan 12, 2024 | $0.0600 | 0.179% |
| 3 | Aug 02, 2023 | Sep 28, 2023 | Oct 13, 2023 | $0.0600 | 0.197% |
| 4 | May 03, 2023 | Jun 29, 2023 | Jul 14, 2023 | $0.0600 | 0.200% |
| 5 | Feb 22, 2023 | Mar 30, 2023 | Apr 14, 2023 | $0.0600 | 0.237% |
FAQ
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