Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
3D Systems (NYSE:DDD) kicked off another week on a high note. The stock climbed 5% on Monday before settling back down to close up about half a percent at $80.60. Today's move came after analysts at Bank of America increased their price target for 3D Systems to $90 up from $69 a share. The 3-D-printer stock has continued to ascend higher from last week's 8% gain, where it traded around $76 a share.
Of course, 3D Systems wasn't the only three-dimensional printer stock clocking gains today. 3D Systems rival Stratasys (NASDAQ:SSYS) also popped 5% on the day. It seems the 3-D printers are in hot demand right now, particularly as these companies expand their range of capabilities to include everything from the consumer market to advanced manufacturing.
Both Stratasys and 3D Systems are eyeing opportunities in the metal 3-D printing arena. 3D Systems' recent $15.1 million purchase of Phenix Systems, a French company that specializes in printing with metal materials, certainly gives 3D Systems a head start in the advanced manufacturing realm. As fellow Fool Daniel Ferry points out, the company is heavily invested in efforts to triple its metal printing capacity over the next year.
How you can cash in on high-flyers like 3D Systems
Together, these factors should drive shares of 3D Systems higher in the year ahead. Shares are now up more than 125% year to date and are trading near the stock's 52-week high of $84.85 per share. However, 3-D printer stocks aren't the only wealth-building stocks out there today.