The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Invitae Corporation shares valued at $23,210 were sold by George Sean E on Dec 19. At $2.08 per share, George Sean E sold 11,163 shares. The insider’s holdings dropped to 732,677 shares worth approximately $1.33 million following the completion of this transaction.
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Also, George Sean E sold 44,816 shares, netting a total of over 91,420 in proceeds. Following the sale of shares at $2.04 each, the insider now holds 743,840 shares.
Before that, WERNER ROBERT F. had sold 1,350 shares from its account. In a trade valued at $4,658, the Chief Accounting Officer traded Invitae Corporation shares for $3.45 each. Upon closing the transaction, the insider’s holdings decreased to 1,350 shares, worth approximately $0.46 million.
As published in a research note from Goldman on January 31, 2023, Invitae Corporation [NVTA] has been rated down from a Neutral to a Sell and the price target has been revised to $2. This represents a 9.0% premium over Thursday’s closing price. Analysts at Credit Suisse started covering the stock with ‘”an Underperform”‘ outlook in a report released in late August. As of August 10, 2022, JP Morgan has decreased its “Neutral” rating to a “an Underweight” for NVTA. Earlier on July 26, 2022, Cowen downgraded its rating. Their new recommendation was “a Market perform” for NVTA stock which previously was a “an Outperform”.
Analyzing NVTA Stock Performance
On Thursday, Invitae Corporation [NYSE: NVTA] rose 8.33% to $1.82. The stock’s lowest price that day was $1.63, but it reached a high of $1.83 in the same session. During the last five days, there has been a drop of approximately -12.50%. Over the course of the year, Invitae Corporation shares have dropped approximately -2.15%. Shares of the company reached a 52-week high of $2.9400 on 01/18/23 and a 52-week low of $1.6050 on 03/01/23. A 50-day SMA is recorded $2.1846, while a 200-day SMA reached $2.6844. Nevertheless, trading volume fell to 10.73 million shares from 9.37 million shares the previous day.
Support And Resistance Levels for Invitae Corporation (NVTA)
According to the 24-hour chart, there is a support level at 1.6900, which, if violated, would cause prices to drop to 1.5600. In the upper region, resistance lies at 1.8900. The next price resistance is at 1.9600. RSI (Relative Strength Index) is 40.03 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.1474, which suggests the price will decrease in the coming days. Percent R is at 70.75%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Invitae Corporation subject to short interest?
Stocks of Invitae Corporation saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.46 million shares to 44.14 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 43.68 million shares. A jump of 1.04% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 5.25 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.25.
Which companies own the most shares of Invitae Corporation (NVTA)?
According to ARK Investment Management LLC filings, the company currently owns 27,072,844 shares, which is about 11.15% of the total NVTA shares outstanding. The investor’s shares have plunged by -3,395,537 from its previous 13-F filing of 30468381.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $52,520,370. BlackRock Fund Advisors acquire a 3.60% interest valued at $45.55 million while Nikko Asset Management Americas, sold a -19,190 stake. A total of 7,912,500 shares of Invitae Corporation were sold by Casdin Capital LLC during the quarter, and 0 by Baker Bros. Advisors LP. In its current portfolio, SSgA Funds Management, Inc. holds 7,336,920 shares valued at $17.32 million.
In terms of Invitae Corporation share price expectations, FactSet research, analysts set an average price target of $2.34 in the next 12 months, up nearly 26.79% from the previous closing price of $1.68. Analysts anticipate Invitae Corporation stock to reach $4.00 by 2023, with the lowest price target being $1.00. In spite of this, 11 analysts ranked Invitae Corporation stock as an Underweight at the end of 2023.