BofA Securities Downgrades The Chemours Company (CC) to a Neutral from a Buy


The Chemours Company’s recent filing unveils that its President and CEO Newman Mark acquired Company’s shares for reported $0.27 million on Jun 09. In the deal valued at $34.63 per share,7,661 shares were bought. As a result of this transaction, Newman Mark now holds 266,955 shares worth roughly $ 9.34 million.

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Then, Scarborough Alvenia sold 5,125 shares, generating $165,537 in total proceeds. Upon selling the shares at $32.30, the SVP Corp Communications & CBO now owns 13,890 shares.

Before that, Abbott Matthew S sold 8,912 shares. The Chemours Company shares valued at $304,790 were divested by the SVP, Chief Enterprise Transfor at a price of $34.20 per share. As a result of the transaction, Abbott Matthew S now holds 29,869 shares, worth roughly $1.05 million.

BofA Securities downgraded its The Chemours Company [CC] rating to a Neutral from a a Buy in a research note published on Friday, June 22, 2023; the price target was decreased to $37 from $41. PT values the company’s stock at a premium of 5.43 to its Friday closing price.

Price Performance Review of CC

On Friday, The Chemours Company [NYSE:CC] saw its stock jump 2.85% to $34.99. On the same session, the stock had its day’s lowest price of $34.39, but rose to a high of $35.15. Over the last five days, the stock has gained 6.87%. The Chemours Company shares have risen nearly 14.27% since the year began. Nevertheless, the stocks have risen 3.74% over the past one year. While a 52-week high of $39.05 was reached on 07/20/23, a 52-week low of $23.58 was recorded on 05/31/23. SMA at 50 days reached $35.76, while 200 days put it at $32.56. A total of 0.86 million shares were traded, compared to the trading of 0.76 million shares in the previous session.

Levels Of Support And Resistance For CC Stock

The 24-hour chart illustrates a support level at 34.54, which if violated will result in even more drops to 34.08. On the upside, there is a resistance level at 35.30. A further resistance level may holdings at 35.60. The Relative Strength Index (RSI) on the 14-day chart is 55.75, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.33, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 4.64%. Stochastics %K at 85.57% indicates the stock is a selling.

How much short interest is there in The Chemours Company?

A steep rise in short interest was recorded in The Chemours Company stocks on Aug 14, 2023, growing by 60000.0 shares to a total of 5.4 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 5.34 million shares. There was a rise of 1.11%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 4.90% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.97.

According to FactSet, The Chemours Company’s share price will average $39.55 in the next year, based on opinions of analysts polled by the firm. This is up nearly 14.64 percent from its previous closing price of $34.02. Analysts expect The Chemours Company stock to reach the higher price of $53.00, while the lowest price estimate is $29.00. However, 13 analysts have rated CC stock as a Hold in their predictions for 2023.


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