Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. ChampionX Corp. shares valued at $229,014 were sold by Bryant Deric D. on Oct 03 ’23. At $35.02 per share, Bryant Deric D. sold 6,540 shares. The insider’s holdings dropped to 298,619 shares worth approximately $10.59 million following the completion of this transaction.
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Also, Bryant Deric D. sold 12,232 shares, netting a total of over 431,072 in proceeds. Following the sale of shares at $35.24 each, the insider now holds 305,159 shares.
Before that, Bryant Deric D. had sold 18,772 shares from its account. In a trade valued at $695,824, the insider traded ChampionX Corp. shares for $37.07 each. Upon closing the transaction, the insider’s holdings decreased to 18,772 shares, worth approximately $11.25 million.
As published in a research note from Piper Sandler on January 08, 2024, ChampionX Corp. [CHX] has been rated down from an Overweight to a Neutral and the price target has been revised to $32 from $38. Analysts at Barclays upgraded the stock from ‘”an Equal weight”‘ to ‘”an Overweight”‘ outlook in a report released in mid October. As of July 14, 2023, CapitalOne has initiated its “an Overweight” rating for CHX. Earlier on October 06, 2022, Barclays downgraded its rating. Their new recommendation was “an Equal weight” for CHX stock which previously was a “an Overweight”.
Analyzing CHX Stock Performance
During the last five days, there has been a surge of approximately 3.93%. Over the course of the year, ChampionX Corp. shares have jumped approximately 21.36%. Shares of the company reached a 52-week high of $35.50 on 03/27/24 and a 52-week low of $25.46 on 01/17/24. A 50-day SMA is recorded $30.29, while a 200-day SMA reached $31.89. Nevertheless, trading volume fell to 1.42 million shares from 0.67 million shares the previous day.
Support And Resistance Levels for ChampionX Corp. (CHX)
According to the 24-hour chart, there is a support level at 34.78, which, if violated, would cause prices to drop to 34.11. In the upper region, resistance lies at 35.81. The next price resistance is at 36.17. RSI (Relative Strength Index) is 82.45 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.37, which suggests the price will increase in the coming days. Percent R is at 1.21%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is ChampionX Corp. subject to short interest?
Stocks of ChampionX Corp. saw a sharp steep in short interest on Feb 29, 2024 dropping by -0.75 million shares to 8.21 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 8.96 million shares. A decline of -9.14% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 5.26 of the overall float, the days-to-cover ratio (short ratio) decline to 5.26.
