Negative sentiment towards RMD reflected by a jump of 5.56% in short interest


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. ResMed Inc. shares valued at $1,039,647 were sold by Farrell Michael J. on Aug 15. At $183.20 per share, Farrell Michael J. sold 5,675 shares. The insider’s holdings dropped to 436,930 shares worth approximately $69.8 million following the completion of this transaction.

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Also, Douglas Robert Andrew sold 1,500 shares, netting a total of over 271,515 in proceeds. Following the sale of shares at $181.01 each, the insider now holds 250,526 shares.

Before that, Rider Michael J had sold 25 shares from its account. In a trade valued at $5,603, the Global General Counsel traded ResMed Inc. shares for $224.12 each. Upon closing the transaction, the insider’s holdings decreased to 25 shares, worth approximately $0.83 million.

As published in a research note from RBC Capital Mkts on August 01, 2023, ResMed Inc. [RMD] has been rated up from a Sector perform to an Outperform and the price target has been revised to $284 from $262. This represents a 43.75% premium over Thursday’s closing price.

Analyzing RMD Stock Performance

On Thursday, ResMed Inc. [NYSE: RMD] plunged -1.40% to $159.74. The stock’s lowest price that day was $158.88, but it reached a high of $162.56 in the same session. During the last five days, there has been a drop of approximately -3.07%. Over the course of the year, ResMed Inc. shares have dropped approximately -23.25%. Shares of the company reached a 52-week high of $243.52 on 04/28/23 and a 52-week low of $158.88 on 08/24/23. A 50-day SMA is recorded $204.84, while a 200-day SMA reached $216.18. Nevertheless, trading volume fell to 1.67 million shares from 1.61 million shares the previous day.

Support And Resistance Levels for ResMed Inc. (RMD)

According to the 24-hour chart, there is a support level at 158.23, which, if violated, would cause prices to drop to 156.71. In the upper region, resistance lies at 161.91. The next price resistance is at 164.07. RSI (Relative Strength Index) is 21.58 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -11.28, which suggests the price will decrease in the coming days. Percent R is at 97.40%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is ResMed Inc. subject to short interest?

Stocks of ResMed Inc. saw a sharp rise in short interest on Jul 30, 2023 jumping by 70000.0 shares to 1.26 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 1.19 million shares. A jump of 5.56% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.06 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.06.

Which companies own the most shares of ResMed Inc. (RMD)?

According to The Vanguard Group, Inc. filings, the company currently owns 16,967,043 shares, which is about 11.55% of the total RMD shares outstanding. The investor’s shares have appreciated by 74,606 from its previous 13-F filing of 16892437.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $1,893,406,083. SSgA Funds Management, Inc. acquire a 1.58% interest valued at $1.42 billion while Fidelity Management & Research Co sold a -383,357 stake. A total of 22,791 shares of ResMed Inc. were sold by WCM Investment Management LLC during the quarter, and 96,840 were bought by Geode Capital Management LLC. In its current portfolio, Capital Research & Management Co holds 2,357,117 shares valued at $524.1 million.

In terms of ResMed Inc. share price expectations, FactSet research, analysts set an average price target of $242.60 in the next 12 months, up nearly 48.15% from the previous closing price of $162.00. Analysts anticipate ResMed Inc. stock to reach $275.00 by 2023, with the lowest price target being $204.46. In spite of this, 24 analysts ranked ResMed Inc. stock as an Overweight at the end of 2023.


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