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. Ready Capital Corporation shares valued at $42,443 were purchased by NATHAN GILBERT E on Mar 08. At $11.05 per share, NATHAN GILBERT E acquired 3,841 shares. The insider’s holdings grew to 60,406 shares worth approximately $0.59 million following the completion of this transaction.
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Also, NATHAN GILBERT E purchased 5,000 shares, netting a total of over 54,773 in proceeds. Following the buying of shares at $10.95 each, the insider now holds 56,565 shares.
Before that, Mielle Dominique had added 7,500 shares to its account. In a trade valued at $106,124, the Director bought Ready Capital Corporation shares for $14.15 each. Upon closing the transaction, the insider’s holdings increased to 7,500 shares, worth approximately $0.35 million.
As published in a research note from Keefe Bruyette on December 15, 2022, Ready Capital Corporation [RC] has been rated down from an Outperform to a Mkt perform and the price target has been revised to $13. This represents a 24.38% premium over Wednesday’s closing price. Analysts at UBS started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid October. As of July 08, 2021, Piper Sandler has decreased its “an Overweight” rating to a “Neutral” for RC. Earlier on April 22, 2021, Keefe Bruyette upgraded its rating. Their new recommendation was “an Outperform” for RC stock which previously was a “a Mkt perform”.
Analyzing RC Stock Performance
On Wednesday, Ready Capital Corporation [NYSE: RC] plunged -4.66% to $9.83. The stock’s lowest price that day was $9.755, but it reached a high of $10.03 in the same session. During the last five days, there has been a drop of approximately -11.28%. Over the course of the year, Ready Capital Corporation shares have dropped approximately -11.76%. Shares of the company reached a 52-week high of $13.49 on 02/02/23 and a 52-week low of $9.75 on 03/13/23. A 50-day SMA is recorded $12.14, while a 200-day SMA reached $12.46. Nevertheless, trading volume fell to 3.35 million shares from 2.68 million shares the previous day.
Support And Resistance Levels for Ready Capital Corporation (RC)
According to the 24-hour chart, there is a support level at 9.71, which, if violated, would cause prices to drop to 9.60. In the upper region, resistance lies at 9.99. The next price resistance is at 10.15. RSI (Relative Strength Index) is 24.23 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.82, which suggests the price will decrease in the coming days. Percent R is at 97.21%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Ready Capital Corporation subject to short interest?
Stocks of Ready Capital Corporation saw a sharp steep in short interest on Jan 12, 2023 dropping by -0.46 million shares to 3.7 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 4.16 million shares. A decline of -12.43% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.88 of the overall float, the days-to-cover ratio (short ratio) decline to 3.88.
Which companies own the most shares of Ready Capital Corporation (RC)?
According to BlackRock Fund Advisors filings, the company currently owns 14,858,053 shares, which is about 13.45% of the total RC shares outstanding. The investor’s shares have appreciated by 3,277,939 from its previous 13-F filing of 11580114.0 shares. With the completion of the sale transaction, Waterfall Asset Management LLC’s stake is now worth $128,713,612. The Vanguard Group, Inc. acquire a 3.16% interest valued at $72.99 million while SSgA Funds Management, Inc. purchased a 157,180 stake. A total of -26,568 shares of Ready Capital Corporation were bought by Mission Wealth Management LP during the quarter, and -240,854 were sold by Soltis Investment Advisors LLC. In its current portfolio, Invesco Capital Management LLC holds 1,672,995 shares valued at $18.84 million.
In terms of Ready Capital Corporation share price expectations, FactSet research, analysts set an average price target of $13.75 in the next 12 months, up nearly 38.22% from the previous closing price of $10.31. Analysts anticipate Ready Capital Corporation stock to reach $16.00 by 2023, with the lowest price target being $11.50. In spite of this, 8 analysts ranked Ready Capital Corporation stock as an Overweight at the end of 2023. On February 03, 2021, BTIG Research assigned a price target of “a Buy” to the stock and initiated coverage with a $14.