Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Western Alliance Bancorp shares valued at $301,096 were sold by LATTA ROBERT P on Dec 11 ’23. At $56.07 per share, LATTA ROBERT P sold 5,370 shares. The insider’s holdings dropped to 2,996 shares worth approximately $0.19 million following the completion of this transaction.
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As published in their initiating research note from Barclays on March 08, 2024, Western Alliance Bancorp [WAL] has been an Overweight and the price target has been revised to $91. Analysts at Wells Fargo downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal weight”‘ outlook in a report released in late January. As of December 01, 2023, Citigroup has initiated its “Buy” rating for WAL.
Analyzing WAL Stock Performance
During the last five days, there has been a surge of approximately 4.17%. Over the course of the year, Western Alliance Bancorp shares have dropped approximately -2.39%. Shares of the company reached a 52-week high of $70.23 on 01/29/24 and a 52-week low of $54.55 on 03/04/24. A 50-day SMA is recorded $60.90, while a 200-day SMA reached $51.77. Nevertheless, trading volume fell to 0.78 million shares from 0.76 million shares the previous day.
Support And Resistance Levels for Western Alliance Bancorp (WAL)
According to the 24-hour chart, there is a support level at 62.62, which, if violated, would cause prices to drop to 61.03. In the upper region, resistance lies at 65.02. The next price resistance is at 65.83. RSI (Relative Strength Index) is 61.82 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.30, which suggests the price will increase in the coming days. Percent R is at 0.13%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Western Alliance Bancorp subject to short interest?
Stocks of Western Alliance Bancorp saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.73 million shares to 5.55 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 4.82 million shares. A jump of 13.15% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.8 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.8.
