Insider Selling: Scarlett Kathleen, Best Buy Co. Inc. [BBY] EVP, HR and Best Buy Canada divested 25,071 shares

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 $1,814,499 were sold by Scarlett Kathleen on Sep 19. At $72.37 per share, Scarlett Kathleen sold 25,071 shares. The insider’s holdings dropped to 50,101 shares worth approximately $3.51 million following the completion of this transaction.

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Also, Harmon Damien sold 1,308 shares, netting a total of over 100,165 in proceeds. Following the sale of shares at $76.58 each, the insider now holds 44,910 shares.

Before that, Bilunas Matthew M had sold 890 shares from its account. In a trade valued at $70,390, the Chief Financial Officer traded Best Buy Co. Inc. shares for $79.09 each. Upon closing the transaction, the insider’s holdings decreased to 890 shares, worth approximately $4.16 million.

As published in a research note from Jefferies on July 28, 2022, Best Buy Co. Inc. [BBY] has been rated down from a Buy to a Hold and the price target has been revised to $71 from $106. This represents a 1.44% premium over Wednesday’s closing price. Analysts at BofA Securities downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in mid June. As of May 25, 2022, Barclays has decreased its “an Overweight” rating to a “an Equal weight” for BBY. Earlier on March 04, 2022, Telsey Advisory Group resumed its rating. Their recommendation was “an Outperform” for BBY stock.

Analyzing BBY’s Price Performance

On Wednesday, Best Buy Co. Inc. [NYSE: BBY] plunged -1.33% to $69.98. The stock’s lowest price that day was $69.94, but it reached a high of $72.44 in the same session. During the last five days, there has been a drop of approximately -4.85%. Over the course of the year, Best Buy Co. Inc. shares have dropped approximately -31.12%. Shares of the company reached a 52-week high of $112.96 on 03/03/22 and a 52-week low of $64.29 on 06/30/22. A 50-day SMA is recorded $75.76, while a 200-day SMA reached $87.55. Nevertheless, trading volume fell to 1.79 million shares from 2.1 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 69.13, which, if violated, would cause prices to drop to 68.29. In the upper region, resistance lies at 71.63. The next price resistance is at 73.29. RSI (Relative Strength Index) is 39.41 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.49, which suggests the price will decrease in the coming days. Percent R is at 89.15%, 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 steep in short interest on Jul 14, 2022 dropping by -2.62 million shares to 12.02 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 14.64 million shares. A decline of -21.8% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.88 of the overall float, the days-to-cover ratio (short ratio) decline to 3.88.

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

According to The Vanguard Group, Inc. filings, the company currently owns 25,169,732 shares, which is about 11.18% of the total BBY shares outstanding. The investor’s shares have plunged by -310,395 from its previous 13-F filing of 25480127.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $933,281,332. JPMorgan Investment Management, I reduced a -5.72% interest valued at $713.03 million while SSgA Funds Management, Inc. sold a -800,731 stake. A total of 4,530,018 shares of Best Buy Co. Inc. were sold by T. Rowe Price Associates, Inc. during the quarter, and -296,154 were sold by Geode Capital Management LLC. In its current portfolio, Charles Schwab Investment Managem holds 3,874,446 shares valued at $273.88 million.

In terms of Best Buy Co. Inc. share price expectations, FactSet research, analysts set an average price target of $79.58 in the next 12 months, up nearly 12.8% from the previous closing price of $70.92. Analysts anticipate Best Buy Co. Inc. stock to reach $110.00 by 2022, with the lowest price target being $56.00. In spite of this, 27 analysts ranked Best Buy Co. Inc. stock as a Hold at the end of 2022.


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