Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Sumo Logic Inc. shares valued at $64,388 were sold by McCord Jennifer on Sep 15. At $8.80 per share, McCord Jennifer sold 7,316 shares. The insider’s holdings dropped to 199,984 shares worth approximately $1.45 million following the completion of this transaction.
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Also, Chettiar Suku Krishnaraj sold 8,946 shares, netting a total of over 78,734 in proceeds. Following the sale of shares at $8.80 each, the insider now holds 360,859 shares.
Before that, Haar Katherine had sold 5,547 shares from its account. In a trade valued at $48,819, the General Counsel and Secretary traded Sumo Logic Inc. shares for $8.80 each. Upon closing the transaction, the insider’s holdings decreased to 5,547 shares, worth approximately $1.53 million.
As published in a research note from Berenberg on December 10, 2021, Sumo Logic Inc. [SUMO] has been rated down from a Buy to a Hold and the price target has been revised to $16. This represents a 54.75% premium over Thursday’s closing price. Analysts at Piper Sandler downgraded the stock from ‘”an Overweight”‘ to ‘”a Neutral”‘ outlook in a report released in early September. As of September 10, 2021, BTIG Research has decreased its “Buy” rating to a “Neutral” for SUMO. Earlier on February 11, 2021, Rosenblatt initiated its rating. Their recommendation was “a Buy” for SUMO stock.
Analyzing SUMO’s Price Performance
On Thursday, Sumo Logic Inc. [NASDAQ: SUMO] plunged -5.36% to $7.24. The stock’s lowest price that day was $7.13, but it reached a high of $7.72 in the same session. During the last five days, there has been a drop of approximately -18.65%. Over the course of the year, Sumo Logic Inc. shares have dropped approximately -46.61%. Shares of the company reached a 52-week high of $13.96 on 01/04/22 and a 52-week low of $6.57 on 08/01/22. A 50-day SMA is recorded $8.06, while a 200-day SMA reached $9.92. Nevertheless, trading volume fell to 1.42 million shares from 1.65 million shares the previous day.
Support And Resistance Levels for Sumo Logic Inc. (SUMO)
According to the 24-hour chart, there is a support level at 7.01, which, if violated, would cause prices to drop to 6.77. In the upper region, resistance lies at 7.60. The next price resistance is at 7.95. RSI (Relative Strength Index) is 34.00 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.80, which suggests the price will decrease in the coming days. Percent R is at 94.30%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Sumo Logic Inc. subject to short interest?
Stocks of Sumo Logic Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.81 million shares to 4.78 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 5.59 million shares. A decline of -16.95% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.19 of the overall float, the days-to-cover ratio (short ratio) decline to 4.19.
Which companies own the most shares of Sumo Logic Inc. (SUMO)?
According to The Vanguard Group, Inc. filings, the company currently owns 9,424,510 shares, which is about 7.95% of the total SUMO shares outstanding. The investor’s shares have appreciated by 666,161 from its previous 13-F filing of 8758349.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $50,947,118. ArrowMark Colorado Holdings LLC reduced a -3.53% interest valued at $43.6 million while Artemis Investment Management LLP sold a -537,386 stake. A total of 27,071 shares of Sumo Logic Inc. were sold by Brown Advisory LLC during the quarter, and 72,487 were bought by Legal & General Investment Manage. In its current portfolio, Millennium Management LLC holds 2,480,141 shares valued at $21.78 million.