Sunday, June 26, 2022

A company insider recently sold 1,654,954 shares of Romeo Power Inc. [RMO]. Should You Sale?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Romeo Power Inc. shares valued at $2,834,274 were sold by BORGWARNER INC on Mar 01. At $1.71 per share, BORGWARNER INC sold 1,654,954 shares. The insider’s holdings dropped to 11,905,000 shares worth approximately $6.67 million following the completion of this transaction.

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Also, BORGWARNER INC sold 1,420,046 shares, netting a total of over 2,561,337 in proceeds. Following the sale of shares at $1.80 each, the insider now holds 13,559,954 shares.

Before that, BORGWARNER INC had sold 1,045,000 shares from its account. In a trade valued at $1,897,198, the 10% Owner traded Romeo Power Inc. shares for $1.82 each. Upon closing the transaction, the insider’s holdings decreased to 1,045,000 shares, worth approximately $8.39 million.

As published in a research note from BTIG Research on March 02, 2022, Romeo Power Inc. [RMO] has been rated down from a Buy to a Neutral. Analysts at Cowen downgraded the stock from ‘”an Outperform”‘ to ‘”a Market perform”‘ outlook in a report released in late October. As of March 09, 2021, Cowen has initiated its “an Outperform” rating for RMO. Earlier on February 12, 2021, Morgan Stanley initiated its rating. Their recommendation was “an Underweight” for RMO stock.

Analyzing RMO’s Price Performance

On Wednesday, Romeo Power Inc. [NYSE: RMO] plunged -5.39% to $0.56. The stock’s lowest price that day was $0.5505, but it reached a high of $0.6262 in the same session. During the last five days, there has been a surge of approximately 6.22%. Over the course of the year, Romeo Power Inc. shares have dropped approximately -84.71%. Shares of the company reached a 52-week high of $3.9399 on 01/03/22 and a 52-week low of $0.4451 on 06/17/22. A 50-day SMA is recorded $0.9233, while a 200-day SMA reached $2.7562. Nevertheless, trading volume fell to 5.24 million shares from 19.28 million shares the previous day.

Support And Resistance Levels for Romeo Power Inc. (RMO)

According to the 24-hour chart, there is a support level at 0.5304, which, if violated, would cause prices to drop to 0.5026. In the upper region, resistance lies at 0.6061. The next price resistance is at 0.6540. RSI (Relative Strength Index) is 35.69 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.0815, which suggests the price will decrease in the coming days. Percent R is at 67.20%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Romeo Power Inc. subject to short interest?

Stocks of Romeo Power Inc. saw a sharp rise in short interest on Apr 28, 2022 jumping by 1.76 million shares to 30.35 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 28.59 million shares. A jump of 5.8% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.93 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.93.

Which companies own the most shares of Romeo Power Inc. (RMO)?

According to Invesco Capital Management LLC filings, the company currently owns 10,981,488 shares, which is about 7.26% of the total RMO shares outstanding. The investor’s shares have appreciated by 5,844,399 from its previous 13-F filing of 5137089.0 shares. With the completion of the transaction, Renaissance Technologies LLC’s stake is now worth $5,127,550. The Vanguard Group, Inc. reduced a -27.91% interest valued at $4.89 million while BlackRock Fund Advisors sold a -989,252 stake. A total of 2,709,969 shares of Romeo Power Inc. were sold by Global X Management Co. LLC during the quarter, and 2,323,940 were bought by D. E. Shaw & Co. LP. In its current portfolio, SSgA Funds Management, Inc. holds 3,524,184 shares valued at $2.77 million.

In terms of Romeo Power Inc. share price expectations, FactSet research, analysts set an average price target of $1.80 in the next 12 months, up nearly 205.08% from the previous closing price of $0.59. Analysts anticipate Romeo Power Inc. stock to reach $1.80 by 2022, with the lowest price target being $1.80. In spite of this, 2 analysts ranked Romeo Power Inc. stock as a Hold at the end of 2022.

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