A company insider recently sold 3,000 shares of Newmont Corporation [NEM]. Should You Sale?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Newmont Corporation shares valued at $122,370 were sold by Atkinson Robert D on Sep 01. At $40.79 per share, Atkinson Robert D sold 3,000 shares. The insider’s holdings dropped to 45,947 shares worth approximately $1.95 million following the completion of this transaction.

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Also, Palmer Thomas Ronald sold 11,000 shares, netting a total of over 448,690 in proceeds. Following the sale of shares at $40.79 each, the insider now holds 243,949 shares.

Before that, Atkinson Robert D had sold 3,000 shares from its account. In a trade valued at $136,050, the EVP & COO traded Newmont Corporation shares for $45.35 each. Upon closing the transaction, the insider’s holdings decreased to 3,000 shares, worth approximately $2.08 million.

As published in their initiating research note from Goldman on September 12, 2022, Newmont Corporation [NEM] has been a Buy and the price target has been revised to $53. This represents a 19.81% premium over Thursday’s closing price. Analysts at UBS upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in early September. As of July 27, 2022, National Bank Financial has increased its “Sector perform” rating to a “an Outperform” for NEM. Earlier on July 27, 2022, Canaccord Genuity upgraded its rating. Their new recommendation was “a Buy” for NEM stock which previously was a “a Hold”.

Analyzing NEM’s Price Performance

On Thursday, Newmont Corporation [NYSE: NEM] rose 0.24% to $42.50. The stock’s lowest price that day was $41.92, but it reached a high of $43.08 in the same session. During the last five days, there has been a surge of approximately 0.24%. Over the course of the year, Newmont Corporation shares have dropped approximately -31.47%. Shares of the company reached a 52-week high of $86.37 on 04/18/22 and a 52-week low of $40.27 on 09/01/22. A 50-day SMA is recorded $45.35, while a 200-day SMA reached $61.86. Nevertheless, trading volume fell to 7.65 million shares from 10.08 million shares the previous day.

Support And Resistance Levels for Newmont Corporation (NEM)

According to the 24-hour chart, there is a support level at 41.92, which, if violated, would cause prices to drop to 41.34. In the upper region, resistance lies at 43.08. The next price resistance is at 43.66. RSI (Relative Strength Index) is 41.97 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.24, which suggests the price will decrease in the coming days. Percent R is at 56.76%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Newmont Corporation subject to short interest?

Stocks of Newmont Corporation saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.5 million shares to 11.32 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 11.82 million shares. A decline of -4.42% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.69 of the overall float, the days-to-cover ratio (short ratio) decline to 1.69.

Which companies own the most shares of Newmont Corporation (NEM)?

According to The Vanguard Group, Inc. filings, the company currently owns 64,554,729 shares, which is about 8.13% of the total NEM shares outstanding. The investor’s shares have appreciated by 891,750 from its previous 13-F filing of 63662979.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $2,025,552,315. SSgA Funds Management, Inc. reduced a -0.36% interest valued at $1.67 billion while GQG Partners LLC purchased a 2,710,957 stake. A total of -1,212,475 shares of Newmont Corporation were bought by Van Eck Associates Corp. during the quarter, and 3,618,239 were bought by Fidelity Management & Research Co. In its current portfolio, BlackRock Investment Management holds 21,841,570 shares valued at $903.37 million.

In terms of Newmont Corporation share price expectations, FactSet research, analysts set an average price target of $60.61 in the next 12 months, up nearly 41.51% from the previous closing price of $42.40. Analysts anticipate Newmont Corporation stock to reach $79.00 by 2022, with the lowest price target being $46.00. In spite of this, 21 analysts ranked Newmont Corporation stock as an Overweight at the end of 2022. On April 25, 2022, Bernstein assigned a price target of “a Mkt perform” to the stock and downgraded coverage with a $57.


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