Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Covetrus Inc. shares valued at $110,186 were sold by Wolin Benjamin on Aug 10. At $20.82 per share, Wolin Benjamin sold 5,292 shares. The insider’s holdings dropped to 194,488 shares worth approximately $4.06 million following the completion of this transaction.
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Also, Wolin Benjamin sold 5,292 shares, netting a total of over 110,081 in proceeds. Following the sale of shares at $20.80 each, the insider now holds 199,780 shares.
Before that, Wolin Benjamin had sold 5,292 shares from its account. In a trade valued at $109,527, the President and CEO traded Covetrus Inc. shares for $20.70 each. Upon closing the transaction, the insider’s holdings decreased to 5,292 shares, worth approximately $4.03 million.
As published in a research note from Stifel on June 13, 2022, Covetrus Inc. [CVET] has been rated down from a Buy to a Hold and the price target has been revised to $22. This represents a 5.05% premium over Thursday’s closing price. Analysts at Raymond James downgraded the stock from ‘”an Outperform”‘ to ‘”a Mkt perform”‘ outlook in a report released in late May. As of November 18, 2021, Morgan Stanley has initiated its “an Equal-weight” rating for CVET.
Analyzing CVET’s Price Performance
On Thursday, Covetrus Inc. [NASDAQ: CVET] rose 0.05% to $20.89. The stock’s lowest price that day was $20.88, but it reached a high of $20.92 in the same session. During the last five days, there has been a surge of approximately 0.05%. Over the course of the year, Covetrus Inc. shares have jumped approximately 4.61%. Shares of the company reached a 52-week high of $21.20 on 05/20/22 and a 52-week low of $13.39 on 05/06/22. A 50-day SMA is recorded $20.82, while a 200-day SMA reached $18.66. Nevertheless, trading volume fell to 2.79 million shares from 2.03 million shares the previous day.
Support And Resistance Levels for Covetrus Inc. (CVET)
According to the 24-hour chart, there is a support level at 20.87, which, if violated, would cause prices to drop to 20.86. In the upper region, resistance lies at 20.91. The next price resistance is at 20.94. RSI (Relative Strength Index) is 58.98 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.02, which suggests the price will decrease in the coming days. Percent R is at 37.50%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Covetrus Inc. subject to short interest?
Stocks of Covetrus Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 2.04 million shares to 4.86 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 2.82 million shares. A jump of 41.98% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.14 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.14.
Which companies own the most shares of Covetrus Inc. (CVET)?
According to BlackRock Fund Advisors filings, the company currently owns 15,815,175 shares, which is about 11.30% of the total CVET shares outstanding. The investor’s shares have appreciated by 405,492 from its previous 13-F filing of 15409683.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $239,702,468. Wellington Management Co. LLP acquire a 0.18% interest valued at $174.74 million while SSgA Funds Management, Inc. purchased a 34,794 stake. A total of 583,499 shares of Covetrus Inc. were bought by Dimensional Fund Advisors LP during the quarter, and 2,921,261 by Pentwater Capital Management LP. In its current portfolio, Balyasny Asset Management LP holds 2,896,525 shares valued at $60.45 million.
In spite of this, 3 analysts ranked Covetrus Inc. stock as a Hold at the end of 2022. On July 12, 2021, Guggenheim assigned a price target of “a Buy” to the stock and upgraded coverage with a $30.