Downgrade Alert for Arch Capital (ACGL)
Arch Capital (NASDAQ:ACGL) was downgraded from Overweight to Equal Weight at Barclays Capital today. The stock closed yesterday at $80.74 on volume of 563,000 shares, above average daily volume of 335,000.
Arch Capital Group Ltd. is a Bermuda-based insurance and financial services company that provides reinsurance and insurance products on a worldwide basis.
Arch Capital share prices have moved between a 52-week high of $83.61 and a 52-week low of $59.83 and closed yesterday at 35% above that low price at $80.74 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.
Arch Capital (NASDAQ:ACGL) defies analysts with a current price ($80.74) 5.2% above its average consensus price target of $76.53. Arch Capital shares have support at the 200-day moving average (MA) of $70.94 and additional support at the 50-day MA of $70.18.
SmarTrend recommended that subscribers consider buying shares of Arch Capital on July 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $72.40. Since that recommendation, shares of Arch Capital have risen 11.4%. We continue to monitor ACGL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades arch capital