Sharp decrease in IRM’s short interest leads to decline in days-to-cover ratio


Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Iron Mountain Incorporated shares valued at $1,157,031 were sold by Meaney William L on May 22. At $55.06 per share, Meaney William L sold 21,014 shares. The insider’s holdings dropped to 295,650 shares worth approximately $15.8 million following the completion of this transaction.

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Also, RAKOWICH WALTER C sold 1,219 shares, netting a total of over 67,691 in proceeds. Following the sale of shares at $55.53 each, the insider now holds 33,735 shares.

Before that, Allerton Jennifer had sold 4,000 shares from its account. In a trade valued at $220,576, the Director traded Iron Mountain Incorporated shares for $55.14 each. Upon closing the transaction, the insider’s holdings decreased to 4,000 shares, worth approximately $0.77 million.

Analyzing IRM Stock Performance

On Wednesday, Iron Mountain Incorporated [NYSE: IRM] plunged -2.30% to $53.45. The stock’s lowest price that day was $53.4082, but it reached a high of $54.61 in the same session. During the last five days, there has been a drop of approximately -3.29%. Over the course of the year, Iron Mountain Incorporated shares have jumped approximately 7.22%. Shares of the company reached a 52-week high of $57.21 on 02/02/23 and a 52-week low of $48.92 on 01/05/23. A 50-day SMA is recorded $53.46, while a 200-day SMA reached $52.12. Nevertheless, trading volume fell to 1.01 million shares from 1.41 million shares the previous day.

Support And Resistance Levels for Iron Mountain Incorporated (IRM)

According to the 24-hour chart, there is a support level at 53.04, which, if violated, would cause prices to drop to 52.62. In the upper region, resistance lies at 54.24. The next price resistance is at 55.02. RSI (Relative Strength Index) is 41.67 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.84, which suggests the price will decrease in the coming days. Percent R is at 98.66%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Iron Mountain Incorporated subject to short interest?

Stocks of Iron Mountain Incorporated saw a sharp steep in short interest on May 14, 2023 dropping by -1.26 million shares to 12.63 million. Data from Yahoo Finance shows that the short interest on Apr 13, 2023 was 13.89 million shares. A decline of -9.98% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 10.91 of the overall float, the days-to-cover ratio (short ratio) decline to 10.91.

Which companies own the most shares of Iron Mountain Incorporated (IRM)?

According to The Vanguard Group, Inc. filings, the company currently owns 46,439,186 shares, which is about 15.96% of the total IRM shares outstanding. The investor’s shares have appreciated by 221,234 from its previous 13-F filing of 46217952.0 shares. With the completion of the buy transaction, Capital Research & Management Co’s stake is now worth $1,407,872,989. BlackRock Fund Advisors reduced a -2.87% interest valued at $891.34 million while SSgA Funds Management, Inc. sold a -451,341 stake. A total of 837,623 shares of Iron Mountain Incorporated were sold by Geode Capital Management LLC during the quarter, and 116,057 were bought by Dimensional Fund Advisors LP. In its current portfolio, Charles Schwab Investment Managem holds 3,775,932 shares valued at $208.58 million.

In terms of Iron Mountain Incorporated share price expectations, FactSet research, analysts set an average price target of $58.00 in the next 12 months, up nearly 15.15% from the previous closing price of $54.71. Analysts anticipate Iron Mountain Incorporated stock to reach $69.00 by 2023, with the lowest price target being $20.00. In spite of this, 9 analysts ranked Iron Mountain Incorporated stock as an Overweight at the end of 2023.


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