Negative sentiment towards ADP reflected by a jump of 7.24% 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. Automatic Data Processing Inc. shares valued at $7,271,250 were sold by Bonarti Michael A on Feb 06. At $250.00 per share, Bonarti Michael A sold 29,085 shares. The insider’s holdings dropped to 75,053 shares worth approximately $18.92 million following the completion of this transaction.

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Also, Kwon David sold 863 shares, netting a total of over 215,750 in proceeds. Following the sale of shares at $250.00 each, the insider now holds 8,285 shares.

Before that, McGuire Don had sold 11,333 shares from its account. In a trade valued at $2,776,585, the Corp VP traded Automatic Data Processing Inc. shares for $245.00 each. Upon closing the transaction, the insider’s holdings decreased to 11,333 shares, worth approximately $5.02 million.

As published in a research note from BofA Securities on January 17, 2024, Automatic Data Processing Inc. [ADP] has been rated up from an Underperform to a Neutral and the price target has been revised to $243 from $217.

Analyzing ADP Stock Performance

During the last five days, there has been a surge of approximately 0.39%. Over the course of the year, Automatic Data Processing Inc. shares have jumped approximately 8.19%. Shares of the company reached a 52-week high of $252.82 on 02/15/24 and a 52-week low of $231.67 on 01/03/24. A 50-day SMA is recorded $238.26, while a 200-day SMA reached $234.05. Nevertheless, trading volume fell to 1.31 million shares from 1.13 million shares the previous day.

Support And Resistance Levels for Automatic Data Processing Inc. (ADP)

According to the 24-hour chart, there is a support level at 251.18, which, if violated, would cause prices to drop to 250.31. In the upper region, resistance lies at 252.87. The next price resistance is at 253.69. RSI (Relative Strength Index) is 73.73 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.92, which suggests the price will increase in the coming days. Percent R is at 4.18%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Automatic Data Processing Inc. subject to short interest?

Stocks of Automatic Data Processing Inc. saw a sharp rise in short interest on Jan 31, 2024 jumping by 0.28 million shares to 3.87 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2023 was 3.59 million shares. A jump of 7.24% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.2 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.2.

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