A company insider recently bought 80 shares of Consolidated Edison Inc. [ED]. Should You Buy?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Consolidated Edison Inc. shares valued at $7,922 were purchased by Cawley Timothy on Aug 01. At $99.03 per share, Cawley Timothy acquired 80 shares. The insider’s holdings grew to 18,307 shares worth approximately $1.78 million following the completion of this transaction.

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Also, Shannon Nancy purchased 4 shares, netting a total of over 444 in proceeds. Following the buying of shares at $99.27 each, the insider now holds 193 shares.

Before that, Sanchez Robert had added 23 shares to its account. In a trade valued at $2,311, the President & CEO, O&R bought Consolidated Edison Inc. shares for $99.27 each. Upon closing the transaction, the insider’s holdings increased to 23 shares, worth approximately $0.89 million.

As published in a research note from Guggenheim on May 23, 2022, Consolidated Edison Inc. [ED] has been rated up from a Sell to a Neutral and the price target has been revised to $94. This represents a -3.65% premium over Thursday’s closing price. Analysts at Wells Fargo downgraded the stock from ‘”an Equal weight”‘ to ‘”an Underweight”‘ outlook in a report released in early May. As of April 26, 2022, Credit Suisse has initiated its “Neutral” rating for ED. Earlier on February 17, 2022, Wolfe Research upgraded its rating. Their new recommendation was “a Peer perform” for ED stock which previously was a “an Underperform”.

Analyzing ED’s Price Performance

On Thursday, Consolidated Edison Inc. [NYSE: ED] plunged -0.68% to $97.43. The stock’s lowest price that day was $97.39, but it reached a high of $98.75 in the same session. During the last five days, there has been a drop of approximately -1.07%. Over the course of the year, Consolidated Edison Inc. shares have jumped approximately 14.19%. Shares of the company reached a 52-week high of $101.12 on 05/26/22 and a 52-week low of $80.11 on 02/16/22. A 50-day SMA is recorded $94.50, while a 200-day SMA reached $88.32. Nevertheless, trading volume fell to 1.82 million shares from 1.83 million shares the previous day.

Support And Resistance Levels for Consolidated Edison Inc. (ED)

According to the 24-hour chart, there is a support level at 96.96, which, if violated, would cause prices to drop to 96.50. In the upper region, resistance lies at 98.32. The next price resistance is at 99.22. RSI (Relative Strength Index) is 59.72 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.68, which suggests the price will increase in the coming days. Percent R is at 23.37%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Consolidated Edison Inc. subject to short interest?

Stocks of Consolidated Edison Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.47 million shares to 7.58 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 7.11 million shares. A jump of 6.2% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.95 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.95.

Which companies own the most shares of Consolidated Edison Inc. (ED)?

According to The Vanguard Group, Inc. filings, the company currently owns 40,148,617 shares, which is about 11.33% of the total ED shares outstanding. The investor’s shares have appreciated by 6,409,875 from its previous 13-F filing of 33738742.0 shares. With the completion of the buy transaction, SSgA Funds Management, Inc.’s stake is now worth $2,717,378,841. BlackRock Fund Advisors reduced a -5.08% interest valued at $2.5 billion while Geode Capital Management LLC purchased a 346,919 stake. A total of -1,597,404 shares of Consolidated Edison Inc. were bought by BlackRock Advisors during the quarter, and -2,307,752 were sold by Lazard Asset Management LLC. In its current portfolio, Legal & General Investment Manage holds 5,053,738 shares valued at $480.61 million.

In terms of Consolidated Edison Inc. share price expectations, FactSet research, analysts set an average price target of $87.47 in the next 12 months, down nearly -9.28% from the previous closing price of $98.10. Analysts anticipate Consolidated Edison Inc. stock to reach $99.00 by 2022, with the lowest price target being $75.00. In spite of this, 17 analysts ranked Consolidated Edison Inc. stock as an Underweight at the end of 2022.


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