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Downgrade Alert for NIC (EGOV)

By James Quinn

NIC (NASDAQ:EGOV) was downgraded from Strong Buy to Market Perform at Raymond James today. The stock closed yesterday at $18.31 on volume of 176,000 shares, below average daily volume of 232,000.

In the past 52 weeks, NIC share prices have been bracketed by a low of $15.00 and a high of $25.99 and closed yesterday at $18.31, 22% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.6%.

NIC has overhead space with shares priced $18.31, or 17.1% below the average consensus analyst price target of $22.10. The stock should run into initial resistance at its 50-day moving average (MA) of $18.33 and subsequent resistance at its 200-day MA of $18.44.

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 is monitoring the recent change of momentum in NIC. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of NIC in search of a potential trend change.

Keywords: analyst upgrades/downgrades nic

Ticker(s): EGOV