Decline in FAST’s short interest indicates Bullish sentiment


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Fastenal Company shares valued at $1,110,912 were sold by WISECUP REYNE K on Aug 21. At $56.78 per share, WISECUP REYNE K sold 19,564 shares. The insider’s holdings dropped to 20,000 shares worth approximately $1.13 million following the completion of this transaction.

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Also, Ancius Michael J purchased 500 shares, netting a total of over 28,765 in proceeds. Following the buying of shares at $57.53 each, the insider now holds 28,765 shares.

Before that, Owen Terry Modock had sold 20,000 shares from its account. In a trade valued at $1,123,070, the CHIEF OPERATING OFFICER traded Fastenal Company shares for $56.15 each. Upon closing the transaction, the insider’s holdings decreased to 20,000 shares, worth approximately $0.4 million.

As published in a research note from Stephens on July 13, 2023, Fastenal Company [FAST] has been rated down from an Overweight to an Equal-weight and the price target has been revised to $60. This represents a 5.92% premium over Thursday’s closing price.

Analyzing FAST Stock Performance

On Thursday, Fastenal Company [NASDAQ: FAST] plunged -1.48% to $56.45. The stock’s lowest price that day was $56.43, but it reached a high of $57.69 in the same session. During the last five days, there has been a drop of approximately -1.41%. Over the course of the year, Fastenal Company shares have jumped approximately 19.29%. Shares of the company reached a 52-week high of $59.43 on 07/12/23 and a 52-week low of $45.70 on 01/19/23. A 50-day SMA is recorded $57.56, while a 200-day SMA reached $53.33. Nevertheless, trading volume fell to 2.16 million shares from 1.91 million shares the previous day.

Support And Resistance Levels for Fastenal Company (FAST)

According to the 24-hour chart, there is a support level at 56.02, which, if violated, would cause prices to drop to 55.60. In the upper region, resistance lies at 57.28. The next price resistance is at 58.12. RSI (Relative Strength Index) is 43.28 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.28, which suggests the price will decrease in the coming days. Percent R is at 78.30%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Fastenal Company subject to short interest?

Stocks of Fastenal Company saw a sharp steep in short interest on Jul 30, 2023 dropping by -0.43 million shares to 14.21 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 14.64 million shares. A decline of -3.03% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.68 of the overall float, the days-to-cover ratio (short ratio) decline to 3.68.

Which companies own the most shares of Fastenal Company (FAST)?

According to The Vanguard Group, Inc. filings, the company currently owns 67,268,845 shares, which is about 11.77% of the total FAST shares outstanding. The investor’s shares have appreciated by 156,658 from its previous 13-F filing of 67112187.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $1,808,313,964. SSgA Funds Management, Inc. reduced a -2.60% interest valued at $1.61 billion while Walter Scott & Partners Ltd. sold a -1,085,073 stake. A total of 446,106 shares of Fastenal Company were sold by Geode Capital Management LLC during the quarter, and 2,075,023 were bought by Charles Schwab Investment Managem. In its current portfolio, Principal Global Investors LLC holds 7,859,881 shares valued at $460.67 million.

In terms of Fastenal Company share price expectations, FactSet research, analysts set an average price target of $56.75 in the next 12 months, down nearly -2.27% from the previous closing price of $57.30. Analysts anticipate Fastenal Company stock to reach $61.30 by 2023, with the lowest price target being $50.00. In spite of this, 16 analysts ranked Fastenal Company stock as a Hold at the end of 2023.


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