Shares of Spreadtrum Communications Under Pressure, Down 2.2%

Published on Mon, 01/07/2013 - 13:23
By Robert Cotter in Market movers, SPRD, market movers, nasdaq:sprd, spreadtrum communications

Spreadtrum Communications (NASDAQ:SPRD), a company whose shares are moving quickly, is trading 2.2% lower to $16.80. The S&P is currently trading 0.5% lower to 1,458 and the Dow Jones Industrial Average is trading 0.6% lower to 13,356.

There is potential upside of 35.9% for shares of Spreadtrum Communications based on a current price of $16.80 and an average consensus analyst price target of $22.83. The stock should run into initial resistance at its 200-day moving average (MA) of $18.14 and subsequent resistance at its 50-day MA of $18.57.

Spreadtrum Communications, Inc. is a fabless semiconductor company that designs, develops, and markets baseband processor solutions for the wireless communications market.

In the past 52 weeks, shares of Spreadtrum Communications have traded between a low of $12.63 and a high of $23.20 and are now at $16.80, which is 33% above that low price. The 200-day and 50-day moving averages have moved 0.32% higher and 1.61% lower over the past week, respectively.

By Robert Cotter
rcotter@fnno.com

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