Investing in Avnet Inc. (AVT) Is Getting More Attractive

Avnet Inc.’s filing revealed that its Chief Executive Officer GALLAGHER PHILIP R unloaded Company’s shares for reported $1.35 million on May 15. In the deal valued at $41.35 per share,32,740 shares were sold. As a result of this transaction, GALLAGHER PHILIP R now holds 176,334 shares worth roughly $ 8.73 million.

Then, LAWRENCE JAMES A sold 72,851 shares, generating $3,037,158 in total proceeds. Upon selling the shares at $41.69, the Director now owns 15,100 shares.

Wells Fargo downgraded its Avnet Inc. [AVT] rating to an Underweight from a an Equal weight in a research note published on Friday, September 16, 2022; the price target was decreased to $35 from $45. PT values the company’s stock at a premium of -41.37 to its Friday closing price.

Price Performance Review of AVT

On Friday, Avnet Inc. [NASDAQ:AVT] saw its stock jump 1.35% to $49.48. On the same session, the stock had its day’s lowest price of $48.90, but rose to a high of $49.73. Over the last five days, the stock has gained 1.92%. Avnet Inc. shares have risen nearly 19.00% since the year began. Nevertheless, the stocks have risen 11.95% over the past one year. While a 52-week high of $51.00 was reached on 06/30/23, a 52-week low of $35.45 was recorded on 04/27/23. SMA at 50 days reached $48.10, while 200 days put it at $44.87. A total of 0.69 million shares were traded, compared to the trading of 0.66 million shares in the previous session.

Levels Of Support And Resistance For AVT Stock

The 24-hour chart illustrates a support level at 49.01, which if violated will result in even more drops to 48.54. On the upside, there is a resistance level at 49.84. A further resistance level may holdings at 50.20. The Relative Strength Index (RSI) on the 14-day chart is 61.08, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.93, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 10.29%. Stochastics %K at 87.03% indicates the stock is a selling.

How much short interest is there in Avnet Inc.?

A steep rise in short interest was recorded in Avnet Inc. stocks on Aug 14, 2023, growing by 0.32 million shares to a total of 2.32 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 2.0 million shares. There was a rise of 13.79%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 3.97% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.53.

Avnet Inc. [AVT] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 10,246,877 shares, or roughly 11.21% of the outstanding AVT shares. In other words, the investor’s shares have risen by 203,605 from its previous 13-F filing of 10043272.0. Additionally, Pzena Investment Management LLC decreased -5.05% of its stake after which the total value it holdings stand at $421,369,261, while BlackRock Fund Advisors added 0.33% of its stake to hold $368.99 million in the firm. Over the last quarter, Dimensional Fund Advisors LP purchased 27,616 shares of Avnet Inc., while Greenhaven Associates, Inc. bought 484,986 shares. At present, SSgA Funds Management, Inc. is holding 3,590,639 shares valued at $174.15 million. LSV Asset Management owned 2,922,768 shares of the company at the time of its most recent 13F filing, worth $141.75 million.

According to FactSet, Avnet Inc.’s share price will average $49.71 in the next year, based on opinions of analysts polled by the firm. This is up nearly 2.42 percent from its previous closing price of $48.82. Analysts expect Avnet Inc. stock to reach the higher price of $57.00, while the lowest price estimate is $40.00. However, 8 analysts have rated AVT stock as an Underweight in their predictions for 2023.