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Downgrade Alert for NIC (EGOV)

By Nick Russo

NIC (NASDAQ:EGOV) was downgraded from Outperform to In-Line at Imperial Capital today. The stock closed yesterday at $20.19 on volume of 299,000 shares, above average daily volume of 241,000.

NIC has overhead space with shares priced $20.19, or 1.1% below the average consensus analyst price target of $20.42. The stock should discover initial support at its 50-day moving average (MA) of $17.91 and subsequent support at its 200-day MA of $17.45.

Over the past year, NIC has traded in a range of $15.16 to $20.28 and closed yesterday at $20.19, 33% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has remained constant.

NIC Inc. provides Internet-based electronic government solutions. The Company designs, builds, and operates Internet-based portals for state and local agencies in the United States.

SmarTrend recommended that subscribers consider buying shares of NIC on February 5th, 2015 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.67. Since that recommendation, shares of NIC have risen 14.3%. We continue to monitor EGOV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades nic

Ticker(s): EGOV