Lloyds Banking Group PLC (NYSE:LYG) Stock Continues to Trade in a Range

There was no news about Lloyds Banking Group PLC (NYSE:LYG) last week and hence, it was perhaps not much of a surprise that this past Friday the stock moved in a range.

Market Stats

On Friday, LYG stock moved down 2% at $2.60 with more than 6.26 million shares, compared to its average volume of 6.76 million shares. The stock has moved within a range of $2.5810 – 2.6200 after opening trading at $2.61.

Recent Developments

While that may be the case, it should be noted that earlier on in the month the Lloyds Banking Group stock had enjoyed a flurry of upgrades after the company managed to beat expectations in the latest reported quarter. While the numbers may have come as a significant boost to the company and the outlook about its stock, it should be noted that Lloyds Banking Group delivered a strong performance mainly due to accounting related write backs that had originated at the start of the coronavirus pandemic.

However, it was nothing exceptional and had been the case across the sector. German banking behemoth Deutsche Bank had been quite glowing about its outlook about Lloyds Banking Group. It noted that it was now on the verge of ‘returning to normal’ and went on to note that the Lloyds Banking Group stock was one of its preferred picks when it came to European banking institutions. Investors could do well to add it to their watch lists for now.

Traders Corner

LYG stock is trading above the 200-Day and 50-Day Moving averages of $2.42 and $2.53  respectively. However, the stock is trading below the 20-Day moving average of $.63. The stock is down 0.50% in the past month.