Shares of Ebix Under Pressure, Down 1.6%

Published on Wed, 01/30/2013 - 11:26
By Peter Chu in Market movers, EBIX, ebix, market movers, nasdaq:ebix

One of today's notable stocks in decline is Ebix (NASDAQ:EBIX), down 1.6% to $16.44. The S&P is trading lower by 0.2% to 1,505 and the Dow is trading fractionally lower to 13,937.

Potential upside of 76.4% exists for Ebix, based on a current level of $16.44 and analysts' average consensus price target of $29.00. The stock should find resistance at its 200-day moving average (MA) of $19.92, as well as support at its 50-day MA of $16.40.

Ebix, Inc. supplies software and electronic commerce solutions to the insurance industry. The Company provides a series of application software ranging from carrier systems, agency systems, and exchanges to custom software development for all entities involved in the insurance and financial industries. Ebix provides products, support, and consultancy to customers on several continents.

In the past 52 weeks, shares of Ebix have traded between a low of $13.02 and a high of $30.35 and are now at $16.44, which is 26% above that low price. The 200-day and 50-day moving averages have moved 0.38% lower and 0.18% higher over the past week, respectively.

By Peter Chu
pchu@fnno.com

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