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Watch for Continued Gains in Shares of CBIZ (CBZ)

Published on Mon, 06/03/2013 - 14:13
By Adrienne Chilton

CBIZ (NYSE:CBZ) traded today at a new 52-week high of $6.75. This new high was reached on approximately average trading volume as 141,000 shares traded hands, while the average 30-day volume is approximately 144,000 shares.

CBIZ, Inc. provides professional business services to companies throughout the United States. The Company provides accounting and tax, employee benefits, wealth management, property and casualty insurance, payroll, and HR consulting services. CBIZ also provides internal audit, litigation advisory, healthcare consulting, medical practice management, and other services.

CBIZ has overhead space with shares priced $6.66, or 21.6% below the average consensus analyst price target of $8.50. The stock should discover initial support at its 50-day moving average (MA) of $6.40 and subsequent support at its 200-day MA of $6.03.

In the past 52 weeks, CBIZ share prices have been bracketed by a low of $5.07 and a high of $6.75 and are now at $6.66, 31% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

By Adrienne Chilton
achilton@fnno.com

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