Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Corteva Inc. shares valued at $2,425,480 were purchased by Magro Charles V. on Feb 06. At $60.64 per share, Magro Charles V. acquired 40,000 shares. The insider’s holdings grew to 126,095 shares worth approximately $7.84 million following the completion of this transaction.
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Also, Grimm Audrey sold 10,000 shares, netting a total of over 627,932 in proceeds. Following the sale of shares at $62.79 each, the insider now holds 7,511 shares.
Before that, Engel Klaus A had sold 3,000 shares from its account. In a trade valued at $158,280, the Director traded Corteva Inc. shares for $52.76 each. Upon closing the transaction, the insider’s holdings decreased to 3,000 shares, worth approximately $1.79 million.
As published in their initiating research note from Wells Fargo on January 19, 2023, Corteva Inc. [CTVA] has been an Overweight and the price target has been revised to $78. This represents a 20.32% premium over Wednesday’s closing price. Analysts at BofA Securities upgraded the stock from ‘”an Underperform”‘ to ‘”a Neutral”‘ outlook in a report released in mid January. As of November 16, 2022, UBS has decreased its “Buy” rating to a “Neutral” for CTVA. Earlier on November 15, 2022, Loop Capital downgraded its rating. Their new recommendation was “a Hold” for CTVA stock which previously was a “a Buy”.
Analyzing CTVA Stock Performance
On Wednesday, Corteva Inc. [NYSE: CTVA] plunged -0.22% to $62.15. The stock’s lowest price that day was $62.09, but it reached a high of $63.01 in the same session. During the last five days, there has been a surge of approximately 0.34%. Over the course of the year, Corteva Inc. shares have jumped approximately 5.73%. Shares of the company reached a 52-week high of $65.21 on 02/01/23 and a 52-week low of $58.30 on 01/03/23. A 50-day SMA is recorded $61.44, while a 200-day SMA reached $60.57. Nevertheless, trading volume fell to 2.76 million shares from 3.52 million shares the previous day.
Support And Resistance Levels for Corteva Inc. (CTVA)
According to the 24-hour chart, there is a support level at 61.82, which, if violated, would cause prices to drop to 61.50. In the upper region, resistance lies at 62.74. The next price resistance is at 63.34. RSI (Relative Strength Index) is 50.37 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.00, which suggests the price will decrease in the coming days. Percent R is at 52.41%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Corteva Inc. subject to short interest?
Stocks of Corteva Inc. saw a sharp steep in short interest on Jan 30, 2023 dropping by -0.22 million shares to 5.66 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 5.88 million shares. A decline of -3.89% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.01 of the overall float, the days-to-cover ratio (short ratio) decline to 2.01.
Which companies own the most shares of Corteva Inc. (CTVA)?
According to The Vanguard Group, Inc. filings, the company currently owns 79,291,568 shares, which is about 11.10% of the total CTVA shares outstanding. The investor’s shares have appreciated by 143,013 from its previous 13-F filing of 79148555.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $2,491,824,356. SSgA Funds Management, Inc. reduced a -1.11% interest valued at $2.18 billion while Aristotle Capital Management LLC sold a -1,145,185 stake. A total of 431,384 shares of Corteva Inc. were sold by Capital Research & Management Co during the quarter, and 1,409,350 were bought by Fidelity Management & Research Co. In its current portfolio, Geode Capital Management LLC holds 14,517,876 shares valued at $935.68 million.
In terms of Corteva Inc. share price expectations, FactSet research, analysts set an average price target of $73.02 in the next 12 months, up nearly 17.19% from the previous closing price of $62.29. Analysts anticipate Corteva Inc. stock to reach $87.00 by 2023, with the lowest price target being $60.00. In spite of this, 26 analysts ranked Corteva Inc. stock as an Overweight at the end of 2023. On August 08, 2022, ROTH Capital assigned a price target of “a Buy” to the stock and upgraded coverage with a $74.