What does this mean for investors
Progressive (PGR) has reached a significant level of support and could be a good choice for investors from a technical standpoint. Recently, the PGR broke the 200-day moving average, suggesting a long-term uptrend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indices and other financial instruments. It moves up or down in conjunction with longer term price performance and serves as a support or resistance level.
PGR shares have risen in the past four weeks, up 5.6%. Additionally, the company is currently a Zacks Rank # 3 (Hold) stock, which suggests that PGR may be poised to continue rising.
The bullish case only gets stronger when investors factor in positive revisions to PGR’s earnings estimates. There were 7 more versus none less for the current fiscal year, and the consensus estimate has also increased.
Given this development in earnings estimate revisions and the positive technical factor, investors may want to keep an eye on PGR for more earnings in the near future.
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