Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Progressive Corp. shares valued at $1,603,843 were sold by Bailo Karen on Mar 05 ’24. At $189.49 per share, Bailo Karen sold 8,464 shares. The insider’s holdings dropped to 32,342 shares worth approximately $6.65 million following the completion of this transaction.
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Also, Callahan Patrick K sold 29,675 shares, netting a total of over 5,645,966 in proceeds. Following the sale of shares at $190.26 each, the insider now holds 15,189 shares.
Before that, Griffith Susan Patricia had sold 5,939 shares from its account. In a trade valued at $1,005,116, the President and CEO traded Progressive Corp. shares for $169.24 each. Upon closing the transaction, the insider’s holdings decreased to 5,939 shares, worth approximately $95.74 million.
As published in a research note from Morgan Stanley on March 06, 2024, Progressive Corp. [PGR] has been rated up from an Equal-weight to an Overweight and the price target has been revised to $227 from $185. Analysts at TD Cowen started covering the stock with ‘”a Market perform”‘ outlook in a report released in early January. As of December 28, 2023, HSBC Securities has initiated its “Hold” rating for PGR. Earlier on December 18, 2023, Wells Fargo upgraded its rating. Their new recommendation was “an Overweight” for PGR stock which previously was a “an Equal weight”.
Analyzing PGR Stock Performance
During the last five days, there has been a surge of approximately 1.83%. Over the course of the year, Progressive Corp. shares have jumped approximately 29.63%. Shares of the company reached a 52-week high of $207.87 on 03/19/24 and a 52-week low of $159.34 on 01/02/24. A 50-day SMA is recorded $186.13, while a 200-day SMA reached $153.97. Nevertheless, trading volume fell to 3.4 million shares from 1.73 million shares the previous day.
Support And Resistance Levels for Progressive Corp. (PGR)
According to the 24-hour chart, there is a support level at 203.67, which, if violated, would cause prices to drop to 201.78. In the upper region, resistance lies at 207.33. The next price resistance is at 209.10. RSI (Relative Strength Index) is 77.43 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 5.95, which suggests the price will increase in the coming days. Percent R is at 11.19%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Progressive Corp. subject to short interest?
Stocks of Progressive Corp. saw a sharp rise in short interest on Feb 29, 2024 jumping by 0.37 million shares to 4.2 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 3.83 million shares. A jump of 8.81% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.87 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.87.
