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Sellers Reduce Exposure to Shares of Akamai Technologies on 10.4x Above-Average Volume (AKAM)

Published on Thu, 02/07/2013 - 14:16
By Mallory Stone

Akamai Technologies shares are trading on heavy volume today, having fallen 15.6% to $35.10. Today's volume of 22.7 million shares tops the average 30-day volume of 2.2 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

Akamai Technologies share prices have moved between a 52-week high of $42.53 and a 52-week low of $25.90 and are now trading 36% above that low price at $35.10 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

Akamai Technologies, Inc. provides global delivery services for Internet content, streaming media, and applications and global Internet traffic management. The Company uses technology and software based on mathematical formulas and algorithms to monitor Internet traffic patterns.

Akamai Technologies (NASDAQ:AKAM) has potential upside of 25.9% based on a current price of $35.10 and analysts' consensus price target of $44.19. The stock should find initial resistance at its 200-day moving average (MA) of $35.78 and further resistance at its 50-day MA of $39.66.

By Mallory Stone
mstone@fnno.com