Saturday, June 25, 2022

Insider Selling: PG&E Fire Victim Trust, PG&E Corporation [PCG] 10% Owner divested 60,000,000 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. PG&E Corporation shares valued at $722,400,000 were sold by PG&E Fire Victim Trust on Apr 14. At $12.04 per share, PG&E Fire Victim Trust sold 60,000,000 shares. The insider’s holdings dropped to 377,743,590 shares worth approximately $3.74 billion following the completion of this transaction.


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Also, PG&E Fire Victim Trust sold 40,000,000 shares, netting a total of over 483,600,000 in proceeds. Following the sale of shares at $12.09 each, the insider now holds 437,743,590 shares.

Before that, Harris Arno Lockheart had added 8,475 shares to its account. In a trade valued at $100,089, the Director bought PG&E Corporation shares for $11.81 each. Upon closing the transaction, the insider’s holdings increased to 8,475 shares, worth approximately $83902.5.

As published in their initiating research note from Credit Suisse on April 26, 2022, PG&E Corporation [PCG] has been an Outperform and the price target has been revised to $17. This represents a 41.76% premium over Wednesday’s closing price. Analysts at RBC Capital Mkts upgraded the stock from ‘”a Sector perform”‘ to ‘”an Outperform”‘ outlook in a report released in mid August. As of May 03, 2021, Wells Fargo has increased its “an Equal weight” rating to a “an Overweight” for PCG. Earlier on March 04, 2021, Wells Fargo upgraded its rating. Their new recommendation was “an Equal weight” for PCG stock which previously was a “an Underweight”.

Analyzing PCG’s Price Performance

On Wednesday, PG&E Corporation [NYSE: PCG] plunged -1.00% to $9.90. The stock’s lowest price that day was $9.825, but it reached a high of $10.03 in the same session. During the last five days, there has been a drop of approximately -0.60%. Over the course of the year, PG&E Corporation shares have dropped approximately -18.45%. Shares of the company reached a 52-week high of $13.19 on 01/18/22 and a 52-week low of $9.67 on 06/17/22. A 50-day SMA is recorded $11.90, while a 200-day SMA reached $11.63. Nevertheless, trading volume fell to 14.74 million shares from 20.33 million shares the previous day.

Support And Resistance Levels for PG&E Corporation (PCG)

According to the 24-hour chart, there is a support level at 9.81, which, if violated, would cause prices to drop to 9.71. In the upper region, resistance lies at 10.01. The next price resistance is at 10.12. RSI (Relative Strength Index) is 31.03 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.14, which suggests the price will decrease in the coming days. Percent R is at 92.18%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is PG&E Corporation subject to short interest?

Stocks of PG&E Corporation saw a sharp rise in short interest on Apr 28, 2022 jumping by 10.5 million shares to 82.19 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 71.69 million shares. A jump of 12.78% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.03 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.03.

Which companies own the most shares of PG&E Corporation (PCG)?

According to The Vanguard Group, Inc. filings, the company currently owns 174,610,307 shares, which is about 8.79% of the total PCG shares outstanding. The investor’s shares have appreciated by 4,426,135 from its previous 13-F filing of 170184172.0 shares. With the completion of the buy, Capital Research & Management Co’s stake is now worth $2,106,805,873. Fidelity Management & Research Co acquire a 2.15% interest valued at $1.33 billion while T. Rowe Price Associates, Inc. purchased a 8,105,932 stake. A total of -7,700,000 shares of PG&E Corporation were bought by Third Point LLC during the quarter, and 8,514,625 were bought by BlackRock Fund Advisors. In its current portfolio, Capital Research & Management Co holds 47,300,517 shares valued at $577.07 million.

In terms of PG&E Corporation share price expectations, FactSet research, analysts set an average price target of $16.54 in the next 12 months, up nearly 70.0% from the previous closing price of $10.00. Analysts anticipate PG&E Corporation stock to reach $19.00 by 2022, with the lowest price target being $13.50. In spite of this, 17 analysts ranked PG&E Corporation stock as an Overweight at the end of 2022. On January 06, 2021, Wells Fargo assigned a price target of “an Underweight” to the stock and downgraded coverage with a $13.

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