The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Elanco Animal Health Inc shares valued at $244,500 were purchased by DOYLE WILLIAM F on Mar 08 ’24. At $16.30 per share, DOYLE WILLIAM F acquired 15,000 shares. The insider’s holdings grew to 61,330 shares worth approximately $0.99 million following the completion of this transaction.
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Also, Harrington Michael J purchased 3,100 shares, netting a total of over 50,494 in proceeds. Following the buying of shares at $16.29 each, the insider now holds 77,594 shares.
Before that, HOOVER R DAVID had added 20,000 shares to its account. In a trade valued at $322,808, the Director bought Elanco Animal Health Inc shares for $16.14 each. Upon closing the transaction, the insider’s holdings increased to 20,000 shares, worth approximately $2.99 million.
As published in a research note from Stifel on January 05, 2024, Elanco Animal Health Inc [ELAN] has been rated up from a Hold to a Buy and the price target has been revised to $20 from $13. Analysts at Jefferies started covering the stock with ‘”a Buy”‘ outlook in a report released in mid December. As of December 15, 2023, Morgan Stanley has increased its “an Equal-weight” rating to a “an Overweight” for ELAN. Earlier on December 07, 2023, Exane BNP Paribas initiated its rating. Their recommendation was “an Outperform” for ELAN stock.
Analyzing ELAN Stock Performance
During the last five days, there has been a drop of approximately -0.06%. Over the course of the year, Elanco Animal Health Inc shares have jumped approximately 8.52%. Shares of the company reached a 52-week high of $16.88 on 02/26/24 and a 52-week low of $13.91 on 01/03/24. A 50-day SMA is recorded $15.72, while a 200-day SMA reached $12.61. Nevertheless, trading volume fell to 2.02 million shares from 1.9 million shares the previous day.
Support And Resistance Levels for Elanco Animal Health Inc (ELAN)
According to the 24-hour chart, there is a support level at 16.00, which, if violated, would cause prices to drop to 15.84. In the upper region, resistance lies at 16.25. The next price resistance is at 16.34. RSI (Relative Strength Index) is 54.91 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.04, which suggests the price will decrease in the coming days. Percent R is at 46.09%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Elanco Animal Health Inc subject to short interest?
Stocks of Elanco Animal Health Inc saw a sharp rise in short interest on Feb 29, 2024 jumping by 3.9 million shares to 13.69 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 9.79 million shares. A jump of 28.49% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.88 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.88.
