Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Methode Electronics Inc. shares valued at $341,794 were sold by DUDA DONALD W on Dec 12. At $47.17 per share, DUDA DONALD W sold 7,246 shares. The insider’s holdings dropped to 1,165,055 shares worth approximately $50.9 million following the completion of this transaction.
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Also, SKATOFF LAWRENCE B sold 2,000 shares, netting a total of over 93,800 in proceeds. Following the sale of shares at $46.90 each, the insider now holds 39,435 shares.
Before that, DUDA DONALD W had sold 3,004 shares from its account. In a trade valued at $141,248, the Chief Executive Officer traded Methode Electronics Inc. shares for $47.02 each. Upon closing the transaction, the insider’s holdings decreased to 3,004 shares, worth approximately $50.9 million.
As published in their initiating research note from Jefferies on November 22, 2022, Methode Electronics Inc. [MEI] has been a Buy and the price target has been revised to $52. This represents a 15.98% premium over Thursday’s closing price. Analysts at Barrington Research started covering the stock with ‘”a Mkt perform”‘ outlook in a report released in mid January. Earlier on March 19, 2020, B. Riley FBR downgraded its rating. Their new recommendation was “a Neutral” for MEI stock which previously was a “a Buy”.
Analyzing MEI Stock Performance
On Thursday, Methode Electronics Inc. [NYSE: MEI] plunged -8.23% to $43.69. The stock’s lowest price that day was $42.74, but it reached a high of $45.845 in the same session. During the last five days, there has been a drop of approximately -13.04%. Over the course of the year, Methode Electronics Inc. shares have dropped approximately -1.53%. Shares of the company reached a 52-week high of $51.38 on 02/03/23 and a 52-week low of $42.74 on 03/09/23. A 50-day SMA is recorded $47.56, while a 200-day SMA reached $42.60. Nevertheless, trading volume fell to 0.59 million shares from 0.17 million shares the previous day.
Support And Resistance Levels for Methode Electronics Inc. (MEI)
According to the 24-hour chart, there is a support level at 42.34, which, if violated, would cause prices to drop to 40.99. In the upper region, resistance lies at 45.44. The next price resistance is at 47.20. RSI (Relative Strength Index) is 27.00 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.12, which suggests the price will decrease in the coming days. Percent R is at 88.13%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Methode Electronics Inc. subject to short interest?
Stocks of Methode Electronics Inc. saw a sharp rise in short interest on Feb 14, 2023 jumping by 75480.0 shares to 0.59 million. Data from Yahoo Finance shows that the short interest on Jan 12, 2023 was 0.52 million shares. A jump of 12.76% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 5.52 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.52.
Which companies own the most shares of Methode Electronics Inc. (MEI)?
According to BlackRock Fund Advisors filings, the company currently owns 5,576,478 shares, which is about 15.45% of the total MEI shares outstanding. The investor’s shares have appreciated by 76,797 from its previous 13-F filing of 5499681.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $195,721,492. Dimensional Fund Advisors LP acquire a 2.98% interest valued at $106.84 million while EARNEST Partners LLC purchased a 390,076 stake. A total of -286,371 shares of Methode Electronics Inc. were bought by Massachusetts Financial Services during the quarter, and 95,778 were bought by Fidelity Management & Research Co. In its current portfolio, SSgA Funds Management, Inc. holds 1,400,257 shares valued at $66.85 million.