Director KERREY J ROBERT sale 36,766 shares of Tenet Healthcare Corporation [THC]

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Tenet Healthcare Corporation shares valued at $2,410,448 were sold by KERREY J ROBERT on Aug 11. At $65.56 per share, KERREY J ROBERT sold 36,766 shares. The insider’s holdings dropped to 48,798 shares worth approximately $2.62 million following the completion of this transaction.

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Also, FISHER RICHARD W sold 7,439 shares, netting a total of over 468,062 in proceeds. Following the sale of shares at $62.92 each, the insider now holds 34,362 shares.

Before that, MARK RICHARD J had sold 6,000 shares from its account. In a trade valued at $542,820, the Director traded Tenet Healthcare Corporation shares for $90.47 each. Upon closing the transaction, the insider’s holdings decreased to 6,000 shares, worth approximately $2.13 million.

As published in their initiating research note from Loop Capital on June 17, 2022, Tenet Healthcare Corporation [THC] has been a Buy and the price target has been revised to $80. This represents a 32.98% premium over Thursday’s closing price. Analysts at Wells Fargo started covering the stock with ‘”an Overweight”‘ outlook in a report released in late March. As of February 10, 2022, UBS has increased its “Neutral” rating to a “Buy” for THC. Earlier on February 09, 2022, Truist upgraded its rating. Their new recommendation was “a Buy” for THC stock which previously was a “a Hold”.

Analyzing THC’s Price Performance

On Thursday, Tenet Healthcare Corporation [NYSE: THC] plunged -3.82% to $53.62. The stock’s lowest price that day was $52.98, but it reached a high of $55.39 in the same session. During the last five days, there has been a drop of approximately -10.30%. Over the course of the year, Tenet Healthcare Corporation shares have dropped approximately -34.36%. Shares of the company reached a 52-week high of $92.65 on 03/29/22 and a 52-week low of $50.37 on 06/16/22. A 50-day SMA is recorded $61.13, while a 200-day SMA reached $71.44. Nevertheless, trading volume fell to 1.37 million shares from 0.75 million shares the previous day.

Support And Resistance Levels for Tenet Healthcare Corporation (THC)

According to the 24-hour chart, there is a support level at 52.60, which, if violated, would cause prices to drop to 51.59. In the upper region, resistance lies at 55.01. The next price resistance is at 56.41. RSI (Relative Strength Index) is 33.91 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.23, which suggests the price will decrease in the coming days. Percent R is at 94.12%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Tenet Healthcare Corporation subject to short interest?

Stocks of Tenet Healthcare Corporation saw a sharp steep in short interest on Jul 14, 2022 dropping by -2.85 million shares to 3.49 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 6.34 million shares. A decline of -81.66% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.59 of the overall float, the days-to-cover ratio (short ratio) decline to 1.59.

Which companies own the most shares of Tenet Healthcare Corporation (THC)?

According to The Vanguard Group, Inc. filings, the company currently owns 10,587,482 shares, which is about 9.81% of the total THC shares outstanding. The investor’s shares have plunged by -168,825 from its previous 13-F filing of 10756307.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $489,370,004. Glenview Capital Management LLC acquire a 6.97% interest valued at $385.65 million while Harris Associates LP sold a -58,787 stake. A total of 152,585 shares of Tenet Healthcare Corporation were sold by Invesco Advisers, Inc. during the quarter, and 1,356,414 were bought by Fidelity Management & Research Co. In its current portfolio, Millennium Management LLC holds 3,021,415 shares valued at $170.71 million.

In terms of Tenet Healthcare Corporation share price expectations, FactSet research, analysts set an average price target of $94.69 in the next 12 months, up nearly 65.02% from the previous closing price of $55.75. Analysts anticipate Tenet Healthcare Corporation stock to reach $135.00 by 2022, with the lowest price target being $73.00. In spite of this, 20 analysts ranked Tenet Healthcare Corporation stock as a Buy at the end of 2022. On February 09, 2022, SVB Leerink assigned a price target of “an Outperform” to the stock and upgraded coverage with a $100.


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