Days-to-cover ratio for CNXC surges to 4.93 due to rise in short interest


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Concentrix Corporation shares valued at $1,363,052 were sold by POLK DENNIS on Mar 01. At $136.31 per share, POLK DENNIS sold 10,000 shares. The insider’s holdings dropped to 15,507 shares worth approximately $1.4 million following the completion of this transaction.

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Also, Twomey Cormac J sold 3,631 shares, netting a total of over 544,650 in proceeds. Following the sale of shares at $150.00 each, the insider now holds 25,277 shares.

Before that, POLK DENNIS had sold 10,000 shares from its account. In a trade valued at $1,409,666, the Director traded Concentrix Corporation shares for $140.97 each. Upon closing the transaction, the insider’s holdings decreased to 10,000 shares, worth approximately $1.4 million.

Analyzing CNXC Stock Performance

On Thursday, Concentrix Corporation [NASDAQ: CNXC] plunged -4.39% to $90.00. The stock’s lowest price that day was $89.93, but it reached a high of $95.00 in the same session. During the last five days, there has been a drop of approximately -0.76%. Over the course of the year, Concentrix Corporation shares have dropped approximately -32.41%. Shares of the company reached a 52-week high of $151.82 on 02/02/23 and a 52-week low of $84.03 on 05/09/23. A 50-day SMA is recorded $104.04, while a 200-day SMA reached $122.36. Nevertheless, trading volume fell to 0.54 million shares from 0.29 million shares the previous day.

Support And Resistance Levels for Concentrix Corporation (CNXC)

According to the 24-hour chart, there is a support level at 88.29, which, if violated, would cause prices to drop to 86.57. In the upper region, resistance lies at 93.36. The next price resistance is at 96.71. RSI (Relative Strength Index) is 38.81 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.37, which suggests the price will increase in the coming days. Percent R is at 50.46%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Concentrix Corporation subject to short interest?

Stocks of Concentrix Corporation saw a sharp rise in short interest on May 14, 2023 jumping by 0.53 million shares to 1.57 million. Data from Yahoo Finance shows that the short interest on Apr 13, 2023 was 1.04 million shares. A jump of 33.76% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.93 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.93.

Which companies own the most shares of Concentrix Corporation (CNXC)?

According to Fidelity Management & Research Co filings, the company currently owns 6,893,707 shares, which is about 13.24% of the total CNXC shares outstanding. The investor’s shares have plunged by -38,755 from its previous 13-F filing of 6932462.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $403,009,932. Capital Research & Management Co acquire a 5.41% interest valued at $377.97 million while BlackRock Fund Advisors purchased a 14,617 stake. A total of 1,322,042 shares of Concentrix Corporation were bought by Impactive Capital LP during the quarter, and -156,169 were sold by Dimensional Fund Advisors LP. In its current portfolio, SSgA Funds Management, Inc. holds 1,186,401 shares valued at $114.5 million.

In terms of Concentrix Corporation share price expectations, FactSet research, analysts set an average price target of $160.00 in the next 12 months, up nearly 75.29% from the previous closing price of $94.13. Analysts anticipate Concentrix Corporation stock to reach $165.00 by 2023, with the lowest price target being $150.00. In spite of this, 3 analysts ranked Concentrix Corporation stock as a Buy at the end of 2023.


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