Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. SMART Global Holdings Inc. shares valued at $75,862 were purchased by Rizvi Ken on Jul 26. At $17.85 per share, Rizvi Ken acquired 4,250 shares. The insider’s holdings grew to 125,348 shares worth approximately $2.16 million following the completion of this transaction.
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Also, Adams Mark purchased 10,000 shares, netting a total of over 180,980 in proceeds. Following the buying of shares at $18.10 each, the insider now holds 915,255 shares.
Before that, Demby Claude had sold 27,365 shares from its account. In a trade valued at $654,918, the SVP, Pres, LED Solutions traded SMART Global Holdings Inc. shares for $23.93 each. Upon closing the transaction, the insider’s holdings decreased to 27,365 shares, worth approximately $2.83 million.
As published in a research note from Needham on June 30, 2022, SMART Global Holdings Inc. [SGH] has been retained to a Buy and the price target has been revised to $40. This represents a 56.95% premium over Wednesday’s closing price. Analysts at Rosenblatt resumed the stock at ‘”a Buy”‘ outlook in a report released in late December. As of July 07, 2021, Needham has reiterated its “Buy” rating for SGH.
Analyzing SGH’s Price Performance
On Wednesday, SMART Global Holdings Inc. [NASDAQ: SGH] plunged -0.35% to $17.22. The stock’s lowest price that day was $17.155, but it reached a high of $17.80 in the same session. During the last five days, there has been a drop of approximately -4.55%. Over the course of the year, SMART Global Holdings Inc. shares have dropped approximately -51.49%. Shares of the company reached a 52-week high of $37.25 on 01/03/22 and a 52-week low of $15.10 on 06/30/22. A 50-day SMA is recorded $18.68, while a 200-day SMA reached $24.10. Nevertheless, trading volume fell to 1.08 million shares from 0.22 million shares the previous day.
Support And Resistance Levels for SMART Global Holdings Inc. (SGH)
According to the 24-hour chart, there is a support level at 16.98, which, if violated, would cause prices to drop to 16.75. In the upper region, resistance lies at 17.63. The next price resistance is at 18.04. RSI (Relative Strength Index) is 39.00 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.32, which suggests the price will decrease in the coming days. Percent R is at 86.54%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is SMART Global Holdings Inc. subject to short interest?
Stocks of SMART Global Holdings Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.57 million shares to 3.06 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 3.63 million shares. A decline of -18.63% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.02 of the overall float, the days-to-cover ratio (short ratio) decline to 3.02.
Which companies own the most shares of SMART Global Holdings Inc. (SGH)?
According to BlackRock Fund Advisors filings, the company currently owns 7,034,514 shares, which is about 14.07% of the total SGH shares outstanding. The investor’s shares have appreciated by 148,017 from its previous 13-F filing of 6886497.0 shares. With the completion of the sale transaction, Columbia Management Investment Ad’s stake is now worth $108,631,046. The Vanguard Group, Inc. acquire a 1.19% interest valued at $77.03 million while Yiheng Capital Management LP purchased a 231,900 stake. A total of 46,613 shares of SMART Global Holdings Inc. were bought by SSgA Funds Management, Inc. during the quarter, and 357,426 were bought by ClearBridge Investments LLC. In its current portfolio, Crosslink Capital, Inc. holds 1,682,912 shares valued at $30.88 million.
In terms of SMART Global Holdings Inc. share price expectations, FactSet research, analysts set an average price target of $33.83 in the next 12 months, up nearly 85.19% from the previous closing price of $17.28. Analysts anticipate SMART Global Holdings Inc. stock to reach $45.00 by 2022, with the lowest price target being $22.00. In spite of this, 6 analysts ranked SMART Global Holdings Inc. stock as a Buy at the end of 2022. On April 07, 2021, Needham assigned a price target of “a Buy” to the stock and reiterated coverage with a $65.