Taking a Closer Look At Dropbox Inc (DBX) Following Its Recent Trade

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Dropbox Inc’s recently made public that its Chief Executive Officer Houston Andrew unloaded Company’s shares for reported $3.91 million on Mar 05 ’24. In the deal valued at $23.86 per share,164,000 shares were sold. As a result of this transaction, Houston Andrew now holds 0 shares worth roughly $0.0.

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Then, Regan Timothy sold 3,000 shares, generating $71,511 in total proceeds. Upon selling the shares at $23.84, the Chief Financial Officer now owns 406,720 shares.

Before that, Volkmer Bart sold 7,143 shares. Dropbox Inc shares valued at $170,016 were divested by the Chief Legal Officer at a price of $23.80 per share. As a result of the transaction, Volkmer Bart now holds 241,027 shares, worth roughly $5.75 million.

JP Morgan downgraded its Dropbox Inc [DBX] rating to a Neutral from a an Overweight in a research note published on February 16, 2024; the price target was decreased to $30 from $33. A number of analysts have revised their coverage, including JMP Securities’s analysts, who decreased its forecast for the stock in mid February from “a Mkt outperform” to “a Mkt perform”. Goldman also remained covering DBX and has decreased its forecast on February 16, 2024 with a “Sell” recommendation from previously “Neutral” rating. BofA Securities revised its rating on February 16, 2024. It rated DBX as “an Underperform” which previously was an “a Buy”.

Price Performance Review of DBX

On Tuesday, Dropbox Inc [NASDAQ:DBX] saw its stock jump 1.45% to $23.84. Over the last five days, the stock has lost -0.25%. Dropbox Inc shares have fallen nearly -19.13% since the year began. Nevertheless, the stocks have risen 24.69% over the past one year. While a 52-week high of $33.43 was reached on 02/09/24, a 52-week low of $18.71 was recorded on 02/22/24. SMA at 50 days reached $28.95, while 200 days put it at $27.52. A total of 4.34 million shares were traded, compared to the trading of 3.77 million shares in the previous session.

Levels Of Support And Resistance For DBX Stock

The 24-hour chart illustrates a support level at 23.53, which if violated will result in even more drops to 23.23. On the upside, there is a resistance level at 24.11. A further resistance level may holdings at 24.38. The Relative Strength Index (RSI) on the 14-day chart is 31.30, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.07, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 57.93%. Stochastics %K at 34.05% indicates the stock is a holding.

How much short interest is there in Dropbox Inc?

A steep rise in short interest was recorded in Dropbox Inc stocks on Feb 29, 2024, dropping by -1.95 million shares to a total of 15.19 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 17.14 million shares. There was a decline of -12.84%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 6.81% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.04.

The most recent change occurred on December 15, 2023 when UBS began covering the stock and recommended ‘”a Buy”‘ rating along with a $36 price target.

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