Bank of America Corporation [BAC] short interest falls, dropping by 82.47 million million shares


Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Bank of America Corporation shares valued at $3,600,411 were sold by Koder Matthew M on Feb 23. At $34.27 per share, Koder Matthew M sold 105,054 shares. The insider’s holdings dropped to 319,803 shares worth approximately $9.01 million following the completion of this transaction.

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Also, Koder Matthew M sold 214,745 shares, netting a total of over 7,712,137 in proceeds. Following the sale of shares at $35.91 each, the insider now holds 214,747 shares.

Before that, BANK OF AMERICA CORP /DE/ had sold 155 shares from its account. In a trade valued at $7,362,500, the Former 10% Owner traded Bank of America Corporation shares for $47500.00 each. Upon closing the transaction, the insider’s holdings decreased to 155 shares, worth approximately $0.0.

Analyzing BAC Stock Performance

On Thursday, Bank of America Corporation [NYSE: BAC] rose 0.25% to $28.17. The stock’s lowest price that day was $27.875, but it reached a high of $28.24 in the same session. During the last five days, there has been a drop of approximately -1.05%. Over the course of the year, Bank of America Corporation shares have dropped approximately -14.95%. Shares of the company reached a 52-week high of $37.00 on 02/07/23 and a 52-week low of $26.32 on 03/24/23. A 50-day SMA is recorded $28.37, while a 200-day SMA reached $32.78. Nevertheless, trading volume fell to 40.45 million shares from 50.61 million shares the previous day.

Support And Resistance Levels for Bank of America Corporation (BAC)

According to the 24-hour chart, there is a support level at 27.95, which, if violated, would cause prices to drop to 27.73. In the upper region, resistance lies at 28.32. The next price resistance is at 28.46. RSI (Relative Strength Index) is 48.48 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.39, which suggests the price will decrease in the coming days. Percent R is at 41.36%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Bank of America Corporation subject to short interest?

Stocks of Bank of America Corporation saw a sharp steep in short interest on May 14, 2023 dropping by -10.1 million shares to 82.47 million. Data from Yahoo Finance shows that the short interest on Apr 13, 2023 was 92.57 million shares. A decline of -12.25% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.63 of the overall float, the days-to-cover ratio (short ratio) decline to 1.63.

Which companies own the most shares of Bank of America Corporation (BAC)?

According to Berkshire Hathaway, Inc. filings, the company currently owns 1,032,852,006 shares, which is about 12.90% of the total BAC shares outstanding. The investor’s shares have appreciated by 22,751,400 from its previous 13-F filing of 1010100606.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $17,108,115,583. BlackRock Fund Advisors reduced a -1.89% interest valued at $8.92 billion while SSgA Funds Management, Inc. sold a -14,800,198 stake. A total of -11,298,935 shares of Bank of America Corporation were sold by Fidelity Management & Research Co during the quarter, and 1,830,802 were bought by Geode Capital Management LLC. In its current portfolio, T. Rowe Price Associates, Inc. holds 120,208,427 shares valued at $3.52 billion.

In terms of Bank of America Corporation share price expectations, FactSet research, analysts set an average price target of $35.94 in the next 12 months, up nearly 24.56% from the previous closing price of $28.10. Analysts anticipate Bank of America Corporation stock to reach $47.00 by 2023, with the lowest price target being $28.00. In spite of this, 26 analysts ranked Bank of America Corporation stock as an Overweight at the end of 2023.


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