The Attractiveness of Investing In Cadence Bank (CADE) is Growing

Hovde Group downgraded its Cadence Bank [CADE] rating to a Market perform from an Outperform in a research note published recently.

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Price Performance Review of CADE

On Tuesday, Cadence Bank [NYSE:CADE] saw its stock fall -5.74% to $28.27. Over the last five days, the stock has lost -2.18%. Cadence Bank shares have fallen nearly -4.46% since the year began. Nevertheless, the stocks have risen 8.40% over the past one year. While a 52-week high of $31.45 was reached on 01/29/24, a 52-week low of $16.95 was recorded on 01/17/24. SMA at 50 days reached $28.06, while 200 days put it at $22.97. A total of 3.35 million shares were traded, compared to the trading of 1.61 million shares in the previous session.

Levels Of Support And Resistance For CADE Stock

The 24-hour chart illustrates a support level at 27.53, which if violated will result in even more drops to 26.79. On the upside, there is a resistance level at 29.12. A further resistance level may holdings at 29.97. The Relative Strength Index (RSI) on the 14-day chart is 46.56, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.47, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 57.83%. Stochastics %K at 76.80% indicates the stock is a holding.

How much short interest is there in Cadence Bank?

A steep rise in short interest was recorded in Cadence Bank stocks on Jan 11, 2024, dropping by -1.84 million shares to a total of 7.05 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2023 was 8.89 million shares. There was a decline of -26.1%, which implies that there is a negative 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) fell to 4.74.

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