Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Alcoa Corporation shares valued at $1,540,170 were sold by Harvey Roy Christopher on Feb 08. At $51.34 per share, Harvey Roy Christopher sold 30,000 shares. The insider’s holdings dropped to 950,140 shares worth approximately $49.07 million following the completion of this transaction.
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Also, Bacchi Renato sold 10,000 shares, netting a total of over 535,000 in proceeds. Following the sale of shares at $53.50 each, the insider now holds 59,567 shares.
Before that, Elam Harden Sonya had sold 4,514 shares from its account. In a trade valued at $234,142, the EVP & Chief Ext. Aff. Officer traded Alcoa Corporation shares for $51.87 each. Upon closing the transaction, the insider’s holdings decreased to 4,514 shares, worth approximately $1.52 million.
As published in a research note from Citigroup on February 22, 2023, Alcoa Corporation [AA] has been rated up from a Neutral to a Buy and the price target has been revised to $65 from $55. This represents a 20.54% premium over Wednesday’s closing price. Analysts at B. Riley Securities resumed the stock at ‘”a Neutral”‘ outlook in a report released in mid January. As of December 09, 2022, Morgan Stanley has decreased its “an Overweight” rating to a “an Equal-weight” for AA. Earlier on October 07, 2022, UBS initiated its rating. Their recommendation was “a Neutral” for AA stock.
Analyzing AA Stock Performance
On Wednesday, Alcoa Corporation [NYSE: AA] rose 5.54% to $51.65. The stock’s lowest price that day was $50.53, but it reached a high of $52.96 in the same session. During the last five days, there has been a surge of approximately 5.45%. Over the course of the year, Alcoa Corporation shares have jumped approximately 13.59%. Shares of the company reached a 52-week high of $57.61 on 01/18/23 and a 52-week low of $44.14 on 01/05/23. A 50-day SMA is recorded $49.14, while a 200-day SMA reached $48.04. Nevertheless, trading volume fell to 7.59 million shares from 3.87 million shares the previous day.
Support And Resistance Levels for Alcoa Corporation (AA)
According to the 24-hour chart, there is a support level at 50.47, which, if violated, would cause prices to drop to 49.28. In the upper region, resistance lies at 52.90. The next price resistance is at 54.14. RSI (Relative Strength Index) is 56.45 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.99, which suggests the price will decrease in the coming days. Percent R is at 17.04%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Alcoa Corporation subject to short interest?
Stocks of Alcoa Corporation saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.71 million shares to 6.82 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 6.11 million shares. A jump of 10.41% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.27 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.27.
Which companies own the most shares of Alcoa Corporation (AA)?
According to The Vanguard Group, Inc. filings, the company currently owns 17,806,700 shares, which is about 10.06% of the total AA shares outstanding. The investor’s shares have appreciated by 380,519 from its previous 13-F filing of 17426181.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $783,919,657. SSgA Funds Management, Inc. acquire a 10.08% interest valued at $418.03 million while DZ PRIVATBANK SA purchased a 4,483,625 stake. A total of 660,000 shares of Alcoa Corporation were bought by Thélème Partners LLP during the quarter, and -417,537 were sold by Fidelity Management & Research Co. In its current portfolio, Franklin Mutual Advisers LLC holds 3,946,270 shares valued at $206.15 million.
In terms of Alcoa Corporation share price expectations, FactSet research, analysts set an average price target of $55.64 in the next 12 months, up nearly 16.47% from the previous closing price of $48.94. Analysts anticipate Alcoa Corporation stock to reach $65.00 by 2023, with the lowest price target being $42.00. In spite of this, 14 analysts ranked Alcoa Corporation stock as an Overweight at the end of 2023.