Deutsche Bank upgrades Mohawk Industries, Inc. (MHK) stock to a Buy

Mohawk Industries, Inc.’s recently made public that its VP BUSINESS STRATEGY Patton Rodney David unloaded Company’s shares for reported $0.19 million on Mar 12 ’24. In the deal valued at $119.51 per share,1,551 shares were sold. As a result of this transaction, Patton Rodney David now holds 15,321 shares worth roughly $1.83 million.

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Then, Brunk James sold 4,007 shares, generating $470,542 in total proceeds. Upon selling the shares at $117.43, the CFO – VP FINANCE now owns 18,902 shares.

Before that, HELEN SUZANNE L sold 4,500 shares. Mohawk Industries, Inc. shares valued at $481,554 were divested by the Possible Member of Group at a price of $107.01 per share. As a result of the transaction, HELEN SUZANNE L now holds 4,453 shares, worth roughly $0.53 million.

Deutsche Bank upgraded its Mohawk Industries, Inc. [MHK] rating to a Buy from a a Hold in a research note published on February 12, 2024; the price target was increased to $152 from $98. A number of analysts have revised their coverage, including RBC Capital Mkts’s analysts, who increased its forecast for the stock in mid January from “an Underperform” to “a Sector perform”. Barclays also remained covering MHK and has increased its forecast on December 13, 2023 with a “an Equal weight” recommendation from previously “an Underweight” rating. Wells Fargo started covering the stock on October 17, 2023. It rated MHK as “an Underweight”.

Price Performance Review of MHK

On Tuesday, Mohawk Industries, Inc. [NYSE:MHK] saw its stock fall -0.57% to $119.65. Over the last five days, the stock has gained 0.62%. Mohawk Industries, Inc. shares have risen nearly 15.60% since the year began. Nevertheless, the stocks have risen 22.25% over the past one year. While a 52-week high of $123.26 was reached on 03/04/24, a 52-week low of $76.02 was recorded on 01/24/24. SMA at 50 days reached $109.49, while 200 days put it at $98.46. A total of 0.55 million shares were traded, compared to the trading of 0.54 million shares in the previous session.

Levels Of Support And Resistance For MHK Stock

The 24-hour chart illustrates a support level at 118.52, which if violated will result in even more drops to 117.39. On the upside, there is a resistance level at 121.27. A further resistance level may holdings at 122.88. The Relative Strength Index (RSI) on the 14-day chart is 62.41, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.20, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 35.60%. Stochastics %K at 73.57% indicates the stock is a holding.

How much short interest is there in Mohawk Industries, Inc.?

A steep rise in short interest was recorded in Mohawk Industries, Inc. stocks on Feb 29, 2024, growing by 0.23 million shares to a total of 1.75 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 1.52 million shares. There was a rise of 13.14%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 3.32% of the overall stock float, the days-to-cover ratio (short ratio) rose to 2.03.

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