General Electric Co.’s filing revealed that its Senior Vice President Holston Michael J unloaded Company’s shares for reported $3.2 million on Feb 14 ’24. In the deal valued at $144.87 per share,22,055 shares were sold. As a result of this transaction, Holston Michael J now holds 56,284 shares worth roughly $9.86 million.
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Then, Holston Michael J sold 13,601 shares, generating $1,843,616 in total proceeds. Upon selling the shares at $135.55, the Senior Vice President now owns 48,339 shares.
Before that, Holston Michael J sold 112,614 shares. General Electric Co. shares valued at $12,973,133 were divested by the Senior Vice President at a price of $115.20 per share. As a result of the transaction, Holston Michael J now holds 57,923 shares, worth roughly $10.15 million.
JP Morgan upgraded its General Electric Co. [GE] rating to an Overweight from a a Neutral in a research note published on March 08, 2024; the price target was increased to $180 from $166. Wells Fargo also remained covering GE and has increased its forecast on December 15, 2023 with a “an Overweight” recommendation from previously “an Equal weight” rating.
Price Performance Review of GE
On Friday, General Electric Co. [NYSE:GE] saw its stock fall -0.84% to $175.15. Over the last five days, the stock has gained 3.71%. General Electric Co. shares have risen nearly 37.23% since the year began. Nevertheless, the stocks have risen 95.50% over the past one year. While a 52-week high of $177.05 was reached on 03/22/24, a 52-week low of $89.55 was recorded on 01/03/24. SMA at 50 days reached $148.34, while 200 days put it at $122.56. A total of 5.45 million shares were traded, compared to the trading of 6.3 million shares in the previous session.
Levels Of Support And Resistance For GE Stock
The 24-hour chart illustrates a support level at 174.32, which if violated will result in even more drops to 173.49. On the upside, there is a resistance level at 176.74. A further resistance level may holdings at 178.33. The Relative Strength Index (RSI) on the 14-day chart is 76.85, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 6.62, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 11.23%. Stochastics %K at 92.33% indicates the stock is a selling.
How much short interest is there in General Electric Co.?
A steep rise in short interest was recorded in General Electric Co. stocks on Feb 29, 2024, growing by 0.66 million shares to a total of 8.96 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 8.3 million shares. There was a rise of 7.37%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 0.83% of the overall stock float, the days-to-cover ratio (short ratio) rose to 1.61.
The most recent change occurred on September 28, 2023 when Deutsche Bank began covering the stock and recommended ‘”a Buy”‘ rating along with a $141 price target.
