Best Buy Co. Inc.’s recently made public that its Chairman Emeritus SCHULZE RICHARD M unloaded Company’s shares for reported $19.36 million on Mar 08 ’24. In the deal valued at $80.07 per share,241,785 shares were sold. As a result of this transaction, SCHULZE RICHARD M now holds 283,298 shares worth roughly $23.13 million.
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Then, SCHULZE RICHARD M sold 15,522 shares, generating $1,255,550 in total proceeds. Upon selling the shares at $80.89, the Chairman Emeritus now owns 337,754 shares.
Before that, Hartman Todd G. sold 6,000 shares. Best Buy Co. Inc. shares valued at $469,380 were divested by the GC, Chief Risk Officer at a price of $78.23 per share. As a result of the transaction, Hartman Todd G. now holds 19,705 shares, worth roughly $1.61 million.
JP Morgan upgraded its Best Buy Co. Inc. [BBY] rating to an Overweight from a a Neutral in a research note published on March 22, 2024; the price target was increased to $101 from $89. A number of analysts have revised their coverage, including Telsey Advisory Group’s analysts, who increased its forecast for the stock in mid March from “a Market perform” to “an Outperform”. Telsey Advisory Group also remained covering BBY and reiterated its “Market perform” recommendation on March 01, 2024. Jefferies revised its rating on December 11, 2023. It rated BBY as “a Buy” which previously was an “a Hold”.
Price Performance Review of BBY
On Friday, Best Buy Co. Inc. [NYSE:BBY] saw its stock jump 1.52% to $81.66. Over the last five days, the stock has gained 4.67%. Best Buy Co. Inc. shares have risen nearly 4.32% since the year began. Nevertheless, the stocks have risen 7.53% over the past one year. While a 52-week high of $86.11 was reached on 02/29/24, a 52-week low of $62.30 was recorded on 01/19/24. SMA at 50 days reached $75.73, while 200 days put it at $74.83. A total of 4.95 million shares were traded, compared to the trading of 4.9 million shares in the previous session.
Levels Of Support And Resistance For BBY Stock
The 24-hour chart illustrates a support level at 80.62, which if violated will result in even more drops to 79.58. On the upside, there is a resistance level at 83.03. A further resistance level may holdings at 84.40. The Relative Strength Index (RSI) on the 14-day chart is 64.80, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.01, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 20.14%. Stochastics %K at 76.12% indicates the stock is a holding.
How much short interest is there in Best Buy Co. Inc.?
A steep rise in short interest was recorded in Best Buy Co. Inc. stocks on Feb 29, 2024, growing by 0.54 million shares to a total of 16.56 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 16.02 million shares. There was a rise of 3.26%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 10.00% of the overall stock float, the days-to-cover ratio (short ratio) rose to 5.49.
The most recent change occurred on November 22, 2023 when Telsey Advisory Group resumed its ‘”a Market perform”‘ rating for the stock and retained the price target to $75.
