Insider Selling: MINICUCCI BENITO, Alaska Air Group Inc. [ALK] CEO AND PRESIDENT divested 5,000 shares

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ZOM Stock

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Alaska Air Group Inc. shares valued at $243,659 were sold by MINICUCCI BENITO on Jun 08. At $48.73 per share, MINICUCCI BENITO sold 5,000 shares. The insider’s holdings dropped to 114,506 shares worth approximately $4.81 million following the completion of this transaction.

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Also, THOMPSON J KENNETH sold 3,500 shares, netting a total of over 170,017 in proceeds. Following the sale of shares at $48.58 each, the insider now holds 29,907 shares.

Before that, SCHNEIDER ANDREA L had sold 1,596 shares from its account. In a trade valued at $81,098, the SVP PEOPLE traded Alaska Air Group Inc. shares for $50.81 each. Upon closing the transaction, the insider’s holdings decreased to 1,596 shares, worth approximately $0.66 million.

As published in a research note from Raymond James on April 03, 2023, Alaska Air Group Inc. [ALK] has been rated up from an Outperform to a Strong buy and the price target has been revised to $68 from $60. This represents a 38.28% premium over Thursday’s closing price.

Analyzing ALK Stock Performance

On Thursday, Alaska Air Group Inc. [NYSE: ALK] plunged -0.26% to $41.97. The stock’s lowest price that day was $41.94, but it reached a high of $42.44 in the same session. During the last five days, there has been a drop of approximately -0.36%. Over the course of the year, Alaska Air Group Inc. shares have dropped approximately -2.26%. Shares of the company reached a 52-week high of $57.18 on 07/13/23 and a 52-week low of $37.19 on 03/24/23. A 50-day SMA is recorded $48.68, while a 200-day SMA reached $46.45. Nevertheless, trading volume fell to 1.36 million shares from 1.72 million shares the previous day.

Support And Resistance Levels for Alaska Air Group Inc. (ALK)

According to the 24-hour chart, there is a support level at 41.79, which, if violated, would cause prices to drop to 41.62. In the upper region, resistance lies at 42.29. The next price resistance is at 42.62. RSI (Relative Strength Index) is 25.78 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.96, which suggests the price will decrease in the coming days. Percent R is at 91.28%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Alaska Air Group Inc. subject to short interest?

Stocks of Alaska Air Group Inc. saw a sharp rise in short interest on Aug 14, 2023 jumping by 0.19 million shares to 4.39 million. Data from Yahoo Finance shows that the short interest on Jul 13, 2023 was 4.2 million shares. A jump of 4.33% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.13 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.13.

Which companies own the most shares of Alaska Air Group Inc. (ALK)?

According to The Vanguard Group, Inc. filings, the company currently owns 14,035,277 shares, which is about 10.97% of the total ALK shares outstanding. The investor’s shares have plunged by -54,971 from its previous 13-F filing of 14090248.0 shares. With the completion of the buy transaction, Victory Capital Management, Inc.’s stake is now worth $390,458,099. BlackRock Fund Advisors acquire a 2.58% interest valued at $298.79 million while Dimensional Fund Advisors LP purchased a 491,401 stake. A total of 91,940 shares of Alaska Air Group Inc. were bought by SSgA Funds Management, Inc. during the quarter, and -323,660 were sold by PRIMECAP Management Co.. In its current portfolio, LSV Asset Management holds 3,428,416 shares valued at $166.72 million.

In terms of Alaska Air Group Inc. share price expectations, FactSet research, analysts set an average price target of $65.00 in the next 12 months, up nearly 47.34% from the previous closing price of $42.08. Analysts anticipate Alaska Air Group Inc. stock to reach $75.00 by 2023, with the lowest price target being $55.00. In spite of this, 15 analysts ranked Alaska Air Group Inc. stock as a Buy at the end of 2023.


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