Wedbush upgrades CoreCivic Inc. (CXW) stock to an Outperform


In a filing, CoreCivic Inc. revealed its EVP, Real Estate Mayberry Lucibeth unloaded Company’s shares for reported $0.77 million on Aug 16. In the deal valued at $10.29 per share,75,000 shares were sold. As a result of this transaction, Mayberry Lucibeth now holds 208,307 shares worth roughly $ 2.22 million.

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Then, GARFINKLE DAVID sold 7,500 shares, generating $77,866 in total proceeds. Upon selling the shares at $10.38, the EVP & Chief Financial Officer now owns 325,886 shares.

Before that, Carter, Cole G. sold 5,000 shares. CoreCivic Inc. shares valued at $51,700 were divested by the EVP,General Counsel, Secretary at a price of $10.34 per share. As a result of the transaction, Carter, Cole G. now holds 231,162 shares, worth roughly $2.46 million.

Wedbush upgraded its CoreCivic Inc. [CXW] rating to an Outperform from a a Neutral in a research note published on Tuesday. PT values the company’s stock at a premium of 37.35 to its Tuesday closing price.

Price Performance Review of CXW

On Tuesday, CoreCivic Inc. [NYSE:CXW] saw its stock fall -3.18% to $10.65. On the same session, the stock had its day’s lowest price of $10.37, but rose to a high of $10.84. Over the last five days, the stock has gained 3.90%. CoreCivic Inc. shares have fallen nearly -7.87% since the year began. Nevertheless, the stocks have risen 10.94% over the past one year. While a 52-week high of $13.50 was reached on 02/13/23, a 52-week low of $7.84 was recorded on 05/04/23. SMA at 50 days reached $9.82, while 200 days put it at $10.09. A total of 0.65 million shares were traded, compared to the trading of 0.62 million shares in the previous session.

Levels Of Support And Resistance For CXW Stock

The 24-hour chart illustrates a support level at 10.40, which if violated will result in even more drops to 10.15. On the upside, there is a resistance level at 10.87. A further resistance level may holdings at 11.09. The Relative Strength Index (RSI) on the 14-day chart is 59.55, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.37, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 39.36%. Stochastics %K at 85.46% indicates the stock is a selling.

How much short interest is there in CoreCivic Inc.?

A steep rise in short interest was recorded in CoreCivic Inc. stocks on Aug 14, 2023, dropping by -0.23 million shares to a total of 1.3 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 1.53 million shares. There was a decline of -17.69%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 1.63% of the overall stock float, the days-to-cover ratio (short ratio) fell to 2.04.

CoreCivic Inc. [CXW] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 17,360,044 shares, or roughly 15.27% of the outstanding CXW shares. In other words, the investor’s shares have fallen by -209,709 from its previous 13-F filing of 17569753.0. Additionally, The Vanguard Group, Inc. decreased -1.86% of its stake after which the total value it holdings stand at $118,820,296, while River Road Asset Management LLC added 4.74% of its stake to hold $89.19 million in the firm. Over the last quarter, Fidelity Management & Research Co purchased 353,068 shares of CoreCivic Inc., while SSgA Funds Management, Inc. bought -29,690 shares. At present, Cooper Creek Partners Management is holding 2,655,426 shares valued at $25.76 million. Charles Schwab Investment Managem owned 2,595,036 shares of the company at the time of its most recent 13F filing, worth $25.17 million.

According to FactSet, CoreCivic Inc.’s share price will average $15.33 in the next year, based on opinions of analysts polled by the firm. This is up nearly 36.36 percent from its previous closing price of $11.00. Analysts expect CoreCivic Inc. stock to reach the higher price of $17.00, while the lowest price estimate is $14.00. However, 2 analysts have rated CXW stock as a Buy in their predictions for 2023.


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