Stock Investors Sell Off Shares of Layne Christensen, Down 2.5%

Published on Mon, 03/09/2015 - 13:22
By Mallory Stone in Market movers, LAYN, layne christensen, market movers, nasdaq:layn

Layne Christensen (NASDAQ:LAYN), a company whose shares are moving quickly, is trading 2.5% lower to $6.19. The S&P is trading higher by 0.5% to 2,078 and the Dow is trading 0.8% higher to 17,985.

In the past 52 weeks, shares of Layne Christensen have traded between a low of $5.90 and a high of $18.92 and are now at $6.19, which is 5% above that low price. Over the past week, the 200-day moving average (MA) has gone down 2% while the 50-day MA has declined 3.4%.

Layne Christensen Company provides water well drilling, mineral exploration drilling, geotechnical construction, oil and gas services, and related products and services. The company's customers include municipalities, industrial, oil, gas, and mining companies, and consulting and engineering firms located in the United States, Canada, Mexico, Australia, Africa, and South America.

Layne Christensen has overhead space with shares priced $6.19, or 26.1% below the average consensus analyst price target of $8.38. The stock should run into initial resistance at its 50-day moving average (MA) of $8.25 and subsequent resistance at its 200-day MA of $9.96.

By Mallory Stone
mstone@fnno.com

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