Days-to-cover ratio for ESTC surges to 2.76 due to rise in short interest

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. Elastic N.V shares valued at $381,030 were sold by Gleeson Alison on Dec 15. At $111.94 per share, Gleeson Alison sold 3,404 shares. The insider’s holdings dropped to 6,577 shares worth approximately $0.83 million following the completion of this transaction.

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Also, Herzog Carolyn sold 20,234 shares, netting a total of over 2,336,889 in proceeds. Following the sale of shares at $115.49 each, the insider now holds 90,390 shares.

Before that, Leibowitz Shelley B had sold 1,000 shares from its account. In a trade valued at $115,529, the Director traded Elastic N.V shares for $115.53 each. Upon closing the transaction, the insider’s holdings decreased to 1,000 shares, worth approximately $0.71 million.

As published in a research note from Barclays on January 12, 2024, Elastic N.V [ESTC] has been rated down from an Overweight to an Equal weight and the price target has been revised to $110 from $100.

Analyzing ESTC Stock Performance

During the last five days, there has been a surge of approximately 0.88%. Over the course of the year, Elastic N.V shares have jumped approximately 12.33%. Shares of the company reached a 52-week high of $131.71 on 02/09/24 and a 52-week low of $102.81 on 01/03/24. A 50-day SMA is recorded $116.25, while a 200-day SMA reached $81.64. Nevertheless, trading volume fell to 1.52 million shares from 1.25 million shares the previous day.

Support And Resistance Levels for Elastic N.V (ESTC)

According to the 24-hour chart, there is a support level at 122.60, which, if violated, would cause prices to drop to 118.61. In the upper region, resistance lies at 128.70. The next price resistance is at 130.81. RSI (Relative Strength Index) is 59.35 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.29, which suggests the price will increase in the coming days. Percent R is at 32.04%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Elastic N.V subject to short interest?

Stocks of Elastic N.V saw a sharp rise in short interest on Jan 31, 2024 jumping by 0.82 million shares to 3.88 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2023 was 3.06 million shares. A jump of 21.13% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.76 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.76.

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