Keeping an Eye on Suburban Propane Partners LP (SPH) After Insider Trading Activity

Suburban Propane Partners LP’s filing revealed that its VP-Renewable Nat Gas Opers Palleschi Craig unloaded Company’s shares for reported $20130.0 on Mar 07 ’24. In the deal valued at $21.19 per share,950 shares were sold. As a result of this transaction, Palleschi Craig now holds 22,451 shares worth roughly $0.47 million.

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Then, Schueler Michael A sold 20,000 shares, generating $421,600 in total proceeds. Upon selling the shares at $21.08, the Vice President-Product Supply now owns 30,552 shares.

Before that, Brinkworth Douglas sold 5,000 shares. Suburban Propane Partners LP shares valued at $102,550 were divested by the SVP- Prod.Sup,Purch.&Logistics at a price of $20.51 per share. As a result of the transaction, Brinkworth Douglas now holds 158,659 shares, worth roughly $3.34 million.

Mizuho downgraded its Suburban Propane Partners LP [SPH] rating to an Underperform from a a Neutral in a research note published on January 29, 2024; the price target was increased to $17 from $16. A number of analysts have revised their coverage, including Mizuho’s analysts, who began to cover the stock in late April with a ‘”a Neutral”‘ rating. Argus also remained covering SPH and has increased its forecast on March 26, 2021 with a “Buy” recommendation from previously “Hold” rating. Argus revised its rating on October 21, 2020. It rated SPH as “a Hold” which previously was an “a Sell”.

Price Performance Review of SPH

On Tuesday, Suburban Propane Partners LP [NYSE:SPH] saw its stock jump 0.38% to $21.04. Over the last five days, the stock has gained 0.53%. Suburban Propane Partners LP shares have risen nearly 18.47% since the year began. Nevertheless, the stocks have risen 39.34% over the past one year. While a 52-week high of $22.33 was reached on 02/26/24, a 52-week low of $14.42 was recorded on 01/03/24. SMA at 50 days reached $19.34, while 200 days put it at $16.63. A total of 0.2 million shares were traded, compared to the trading of 0.16 million shares in the previous session.

Levels Of Support And Resistance For SPH Stock

The 24-hour chart illustrates a support level at 20.86, which if violated will result in even more drops to 20.68. On the upside, there is a resistance level at 21.27. A further resistance level may holdings at 21.50. The Relative Strength Index (RSI) on the 14-day chart is 60.89, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.18, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 27.78%. Stochastics %K at 70.45% indicates the stock is a holding.

How much short interest is there in Suburban Propane Partners LP?

A steep rise in short interest was recorded in Suburban Propane Partners LP stocks on Feb 29, 2024, dropping by -0.17 million shares to a total of 2.63 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 2.8 million shares. There was a decline of -6.46%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 4.20% of the overall stock float, the days-to-cover ratio (short ratio) fell to 4.58.

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