Saturday, June 25, 2022

Tenet Healthcare Corporation [THC] Director makes an insider sale of 6,000 shares worth 542,820.

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Tenet Healthcare Corporation shares valued at $542,820 were sold by MARK RICHARD J on Mar 09. At $90.47 per share, MARK RICHARD J sold 6,000 shares. The insider’s holdings dropped to 39,785 shares worth approximately $2.16 million following the completion of this transaction.

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Also, Rittenmeyer Ronald A sold 190,149 shares, netting a total of over 17,219,893 in proceeds. Following the sale of shares at $90.56 each, the insider now holds 336,218 shares.

Before that, Rittenmeyer Ronald A had sold 59,851 shares from its account. In a trade valued at $5,393,772, the Executive Chairman traded Tenet Healthcare Corporation shares for $90.12 each. Upon closing the transaction, the insider’s holdings decreased to 59,851 shares, worth approximately $28.57 million.

As published in their initiating research note from Loop Capital on June 17, 2022, Tenet Healthcare Corporation [THC] has been a Buy and the price target has been revised to $80. This represents a 32.15% premium over Wednesday’s closing price. Analysts at Wells Fargo started covering the stock with ‘”an Overweight”‘ outlook in a report released in late March. As of February 10, 2022, UBS has increased its “Neutral” rating to a “Buy” for THC. Earlier on February 09, 2022, Truist upgraded its rating. Their new recommendation was “a Buy” for THC stock which previously was a “a Hold”.

Analyzing THC’s Price Performance

On Wednesday, Tenet Healthcare Corporation [NYSE: THC] rose 4.08% to $54.28. The stock’s lowest price that day was $51.49, but it reached a high of $54.55 in the same session. During the last five days, there has been a surge of approximately 1.65%. Over the course of the year, Tenet Healthcare Corporation shares have dropped approximately -33.55%. Shares of the company reached a 52-week high of $92.65 on 03/29/22 and a 52-week low of $50.37 on 06/16/22. A 50-day SMA is recorded $69.65, while a 200-day SMA reached $75.23. Nevertheless, trading volume fell to 1.75 million shares from 1.51 million shares the previous day.

Support And Resistance Levels for Tenet Healthcare Corporation (THC)

According to the 24-hour chart, there is a support level at 52.33, which, if violated, would cause prices to drop to 50.38. In the upper region, resistance lies at 55.39. The next price resistance is at 56.50. RSI (Relative Strength Index) is 33.83 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -6.92, which suggests the price will decrease in the coming days. Percent R is at 79.08%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Tenet Healthcare Corporation subject to short interest?

Stocks of Tenet Healthcare Corporation saw a sharp rise in short interest on Apr 28, 2022 jumping by 0.88 million shares to 5.48 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 4.6 million shares. A jump of 16.06% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.39 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.39.

Which companies own the most shares of Tenet Healthcare Corporation (THC)?

According to BlackRock Fund Advisors filings, the company currently owns 11,018,855 shares, which is about 10.23% of the total THC shares outstanding. The investor’s shares have appreciated by 75,106 from its previous 13-F filing of 10943749.0 shares. With the completion of the buy, The Vanguard Group, Inc.’s stake is now worth $696,040,626. Glenview Capital Management LLC reduced a -12.91% interest valued at $412.92 million while Harris Associates LP sold a -91,359 stake. A total of 467,277 shares of Tenet Healthcare Corporation were sold by Invesco Advisers, Inc. during the quarter, and 2,070,086 were bought by Fidelity Management & Research Co. In its current portfolio, SSgA Funds Management, Inc. holds 3,377,944 shares valued at $218.59 million.

In spite of this, 20 analysts ranked Tenet Healthcare Corporation stock as a Buy at the end of 2022. On February 09, 2022, SVB Leerink assigned a price target of “an Outperform” to the stock and upgraded coverage with a $100.

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