Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Best Buy Co. Inc. shares valued at $2,293,695 were sold by Barry Corie S on Mar 22 ’24. At $81.80 per share, Barry Corie S sold 28,042 shares. The insider’s holdings dropped to 429,159 shares worth approximately $35.14 million following the completion of this transaction.
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Also, Bilunas Matthew M sold 8,258 shares, netting a total of over 675,463 in proceeds. Following the sale of shares at $81.80 each, the insider now holds 90,694 shares.
Before that, Bonfig Jason J had sold 7,117 shares from its account. In a trade valued at $582,135, the SEVP Cust. Offerings & Fulfill traded Best Buy Co. Inc. shares for $81.80 each. Upon closing the transaction, the insider’s holdings decreased to 7,117 shares, worth approximately $4.41 million.
As published in a research note from JP Morgan on March 22, 2024, Best Buy Co. Inc. [BBY] has been rated up from a Neutral to an Overweight and the price target has been revised to $101 from $89. Analysts at Telsey Advisory Group upgraded the stock from ‘”a Market perform”‘ to ‘”an Outperform”‘ outlook in a report released in mid March. As of March 01, 2024, Telsey Advisory Group has reiterated its “Market perform” rating for BBY. Earlier on December 11, 2023, Jefferies upgraded its rating. Their new recommendation was “a Buy” for BBY stock which previously was a “a Hold”.
Analyzing BBY Stock Performance
During the last five days, there has been a surge of approximately 4.17%. Over the course of the year, Best Buy Co. Inc. shares have jumped approximately 4.59%. Shares of the company reached a 52-week high of $86.11 on 02/29/24 and a 52-week low of $69.66 on 01/19/24. A 50-day SMA is recorded $76.17, while a 200-day SMA reached $74.91. Nevertheless, trading volume fell to 3.9 million shares from 2.11 million shares the previous day.
Support And Resistance Levels for Best Buy Co. Inc. (BBY)
According to the 24-hour chart, there is a support level at 80.58, which, if violated, would cause prices to drop to 79.30. In the upper region, resistance lies at 82.92. The next price resistance is at 83.98. RSI (Relative Strength Index) is 62.91 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.02, which suggests the price will increase in the coming days. Percent R is at 20.96%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Best Buy Co. Inc. subject to short interest?
Stocks of Best Buy Co. Inc. saw a sharp rise in short interest on Feb 29, 2024 jumping by 0.54 million shares to 16.56 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 16.02 million shares. A jump of 3.26% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.49 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.49.
