ELV’s short interest shows a sharp decline on Feb 29, 2024

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Elevance Health Inc shares valued at $1,217,119 were sold by Kendrick Charles Morgan JR on Mar 08 ’24. At $500.46 per share, Kendrick Charles Morgan JR sold 2,432 shares. The insider’s holdings dropped to 15,840 shares worth approximately $8.07 million following the completion of this transaction.

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Also, Penczek Ronald W sold 916 shares, netting a total of over 462,195 in proceeds. Following the sale of shares at $504.58 each, the insider now holds 1,764 shares.

Before that, Haytaian Peter D had sold 21,095 shares from its account. In a trade valued at $10,551,297, the EVP & Pres Carelon & CarelonRx traded Elevance Health Inc shares for $500.18 each. Upon closing the transaction, the insider’s holdings decreased to 21,095 shares, worth approximately $9.62 million.

As published in their initiating research note from Barclays on March 06, 2024, Elevance Health Inc [ELV] has been an Overweight and the price target has been revised to $584. Analysts at Wolfe Research downgraded the stock from ‘”an Outperform”‘ to ‘”a Peer perform”‘ outlook in a report released in mid July. As of April 27, 2023, Morgan Stanley has increased its “an Equal-weight” rating to a “an Overweight” for ELV. Earlier on April 21, 2023, Cantor Fitzgerald initiated its rating. Their recommendation was “an Overweight” for ELV stock.

Analyzing ELV Stock Performance

During the last five days, there has been a surge of approximately 0.94%. Over the course of the year, Elevance Health Inc shares have jumped approximately 8.04%. Shares of the company reached a 52-week high of $516.61 on 02/26/24 and a 52-week low of $449.02 on 01/18/24. A 50-day SMA is recorded $493.55, while a 200-day SMA reached $466.34. Nevertheless, trading volume fell to 0.92 million shares from 0.94 million shares the previous day.

Support And Resistance Levels for Elevance Health Inc (ELV)

According to the 24-hour chart, there is a support level at 506.40, which, if violated, would cause prices to drop to 503.31. In the upper region, resistance lies at 512.67. The next price resistance is at 515.85. RSI (Relative Strength Index) is 59.18 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.61, which suggests the price will increase in the coming days. Percent R is at 29.00%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Elevance Health Inc subject to short interest?

Stocks of Elevance Health Inc saw a sharp steep in short interest on Feb 29, 2024 dropping by -0.4 million shares to 1.71 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 2.11 million shares. A decline of -23.39% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.93 of the overall float, the days-to-cover ratio (short ratio) decline to 1.93.

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