CIT Group Inc. (NYSE:CIT) closed at $47.84 after seeing 736199 shares trade hands during the most recent session. This represents a change of 1.81% from the opening. The shares have moved -4.15% on the week.
The closing price represents the final price that a stock is traded for on a trading day. It’s the most up-to-date valuation until trading begins again on the next day. However, most financial instruments are traded after hours, which means that the the closing price of a stock might not match the after-hours price. Regardless, closing prices are a useful tool that investors use to quantify changes in stock prices over time. The closing prices are compared day-by-day to look for trends and can measure market sentiment for any security over the course of a trading day.
Stock exchanges work according to the invisible hand of supply and demand, which determines the price where stocks are bought and sold. No trade can occur until someone is willing to sell a stock at a price that another is willing to buy it at. When there are more buyers than sellers, the stock price will rise because of the increased demand. Conversely, if more individuals are selling a stock, the price will decrease.
On any given trading day, supply and demand fluctuates back-and-forth because the attractiveness of a commodity’s price rises and falls. Because of these fluctuations, the closing and opening prices are not necessarily identical. A number of factors can affect the attractiveness of a stock in the hours between the closing bell and the next day’s opening bell. For example, if there is good news like a positive earnings announcement, the demand for a stock may increase, raising the price from the previous day’s close. It follows that bad news will negatively affect price.
Let’s take a look at how the stock has been performing recently. Year to date CIT Group Inc. (NYSE:CIT) is 12.09%, 0.40% over the last quarter, and 3.46% for the past six months.
Over the past 50 days, CIT Group Inc. stock’s -4.89% off of the high and 10.61% removed from the low. Their 52-Week High and Low are noted here. -5.08% (High), 36.14%, (Low).
Technical analysts have little regard for the value of a company. They use historic price data to observe stock price patterns to predict the direction of that price going forward. Analysts use common formulas and ratios to accomplish this.
CIT Group Inc. (NYSE:CIT)’s RSI (Relative Strength Index) is 48.29. RSI is a technical indicator of price momentum, comparing the size of recent gains to the size of recent losses and establishes oversold and overbought positions.
Nothing contained in this publication is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.