Hot Stock: LDK Solar, Shares Drop 5.3% (LDK)
LDK Solar (NYSE:LDK) is one of today's worst performing low-priced stocks, down 5.3% to $2.03 on 1.7x average daily volume. LDK Solar has traded 3.4 million shares thus far today, vs. average volume of 2.0 million shares per day. The stock has underperformed the Dow (-5.3% to the Dow's -0.4%) and underperformed the S&P 500 (-5.3% to the S&P's -0.4%) during today's trading.
LDK Solar share prices have moved between a 52-week high of $6.92 and a 52-week low of $0.71 and are now trading 185% above that low price at $2.03 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 7.6% while the 200-day MA has slid 3.1%.
LDK Solar Company Ltd. manufactures multicrystalline solar wafers. The Company sells multicrystalline wafers globally to manufacturers of photovoltaic products including solar cells and solar modules. Solar wafers are the principal raw material used to produce solar cells which convert sunlight into electricity.
Based on a current price of $2.03, LDK Solar is currently 51.9% above its average consensus analyst price target of $0.97. The stock should discover initial support at its 200-day moving average (MA) of $1.83 and subsequent support at its 50-day MA of $1.09.
SmarTrend recommended that subscribers consider buying shares of LDK Solar on November 13th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1.08. Since that recommendation, shares of LDK Solar have risen 98.1%. We continue to monitor LDK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: penny stocks ldk solar