Primoris Services Corporation Stock Forecast
Primoris Services Corporation stock upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on Apr 17, 2024)
The Primoris Services Corporation stock price fell by -3.05% on the last day (Wednesday, 17th Apr 2024) from $44.52 to $43.16. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 4.04% from a day low at $42.83 to a day high of $44.56. The price has fallen in 8 of the last 10 days and is down by -5.21% for this period. Volume has increased on the last day by 52 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 512 thousand shares were bought and sold for approximately $22.09 million.
Given the current short-term trend, the stock is expected to rise 36.85% during the next 3 months and, with a 90% probability hold a price between $59.06 and $66.29 at the end of this 3-month period.
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PRIM Signals & Forecast
The Primoris Services Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $45.03. On a fall, the stock will find some support from the long-term average at approximately $42.17. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -7.70%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Primoris Services Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $40.86 and $39.51. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Primoris Services Corporation finds support just below today's level at $40.86. If this is broken, then the next support from accumulated volume will be at $39.51 and $37.76.
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 $1.73 between high and low, or 4.04%. For the last week, the stock has had daily average volatility of 3.50%.
Our recommended stop-loss: $41.11 (-4.75%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (PRIM) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Primoris Services Corporation to open at $43.52, and during the day (based on 14 day Average True Range), to move between $41.70 and $44.62, which gives a possible trading interval of +/-$1.46 (+/-3.39%) up or down from last closing price. If Primoris Services Corporation takes out the full calculated possible swing range there will be an estimated 6.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $44.76 (3.71%) than the support at $40.86 (5.33%), 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.
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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.719 Buy Candidate Upgraded
Predicted Opening Price for Primoris Services Corporation of Thursday, April 18, 2024
Fair opening price April 18, 2024 | Current price |
---|---|
$43.52 ( 0.83%) | $43.16 |
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 | 45.25 | 4.83 % | |
R2 | 44.59 | 3.30 % | ||
R1 | 44.18 | 2.36 % | ||
Current price: | 43.16 | |||
Support | S1 | 42.86 | -0.705 % | |
S2 | 42.45 | -1.65 % | ||
S3 | 41.79 | -3.18 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 45.53 | 5.49 % | |
R2 | 45.20 | 4.73 % | ||
R1 | 44.76 | 3.71 % | ||
Current price | 43.16 | |||
Support | S1 | 40.86 | -5.33% | |
S2 | 39.51 | -8.46% | ||
S3 | 37.76 | -12.51% |
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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