Sunday, June 26, 2022

Selling Buzz: Best Buy Co. Inc. [BBY] CEO Barry Corie S sells 4,388 shares of the company

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Best Buy Co. Inc. shares valued at $307,173 were sold by Barry Corie S on Jun 14. At $70.00 per share, Barry Corie S sold 4,388 shares. The insider’s holdings dropped to 315,313 shares worth approximately $22.48 million following the completion of this transaction.

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Also, Harmon Damien sold 1,318 shares, netting a total of over 106,340 in proceeds. Following the sale of shares at $80.68 each, the insider now holds 45,862 shares.

Before that, Irvin Mark A had sold 1,068 shares from its account. In a trade valued at $86,169, the Chief Supply Chain Officer traded Best Buy Co. Inc. shares for $80.68 each. Upon closing the transaction, the insider’s holdings decreased to 1,068 shares, worth approximately $1.85 million.

As published in a research note from BofA Securities on June 14, 2022, Best Buy Co. Inc. [BBY] has been rated down from a Buy to a Neutral. Analysts at Barclays downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal weight”‘ outlook in a report released in late May. As of March 04, 2022, Telsey Advisory Group has reiterated its “an Outperform” rating for BBY. Earlier on March 04, 2022, Raymond James downgraded its rating. Their new recommendation was “a Mkt perform” for BBY stock which previously was a “an Outperform”.

Analyzing BBY’s Price Performance

On Thursday, Best Buy Co. Inc. [NYSE: BBY] rose 2.02% to $71.29. The stock’s lowest price that day was $70.03, but it reached a high of $71.79 in the same session. During the last five days, there has been a drop of approximately -0.65%. Over the course of the year, Best Buy Co. Inc. shares have dropped approximately -29.83%. Shares of the company reached a 52-week high of $112.96 on 03/03/22 and a 52-week low of $67.66 on 06/16/22. A 50-day SMA is recorded $83.43, while a 200-day SMA reached $100.50. Nevertheless, trading volume fell to 2.42 million shares from 2.73 million shares the previous day.

Support And Resistance Levels for Best Buy Co. Inc. (BBY)

According to the 24-hour chart, there is a support level at 70.28, which, if violated, would cause prices to drop to 69.28. In the upper region, resistance lies at 72.04. The next price resistance is at 72.80. RSI (Relative Strength Index) is 38.66 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.67, which suggests the price will decrease in the coming days. Percent R is at 74.00%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Best Buy Co. Inc. subject to short interest?

Stocks of Best Buy Co. Inc. saw a sharp rise in short interest on May 30, 2022 jumping by 0.32 million shares to 13.98 million. Data from Yahoo Finance shows that the short interest on Apr 28, 2022 was 13.66 million shares. A jump of 2.29% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.

Which companies own the most shares of Best Buy Co. Inc. (BBY)?

According to The Vanguard Group, Inc. filings, the company currently owns 25,480,127 shares, which is about 11.33% of the total BBY shares outstanding. The investor’s shares have plunged by -1,280,605 from its previous 13-F filing of 26760732.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $1,120,783,440. JPMorgan Investment Management, I acquire a 6.24% interest valued at $877.89 million while SSgA Funds Management, Inc. sold a -417,728 stake. A total of 108,093 shares of Best Buy Co. Inc. were sold by Geode Capital Management LLC during the quarter, and 236,513 were bought by Charles Schwab Investment Managem. In its current portfolio, Northern Trust Investments, Inc. holds 3,672,121 shares valued at $301.33 million.

In terms of Best Buy Co. Inc. share price expectations, FactSet research, analysts set an average price target of $90.57 in the next 12 months, up nearly 25.93% from the previous closing price of $69.88. Analysts anticipate Best Buy Co. Inc. stock to reach $110.00 by 2022, with the lowest price target being $65.00. In spite of this, 28 analysts ranked Best Buy Co. Inc. stock as an Overweight at the end of 2022. On February 28, 2022, Telsey Advisory Group assigned a price target of “an Outperform” to the stock and reiterated coverage with a $125.

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