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. Microchip Technology, Inc. shares valued at $3,392,789 were sold by SANGHI STEVE on Mar 07 ’24. At $93.10 per share, SANGHI STEVE sold 36,443 shares. The insider’s holdings dropped to 10,090,421 shares worth approximately $899.96 million following the completion of this transaction.
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Also, Johnson Karlton D sold 92 shares, netting a total of over 7,993 in proceeds. Following the sale of shares at $86.88 each, the insider now holds 1,697 shares.
Before that, Bjornholt James Eric had sold 1,970 shares from its account. In a trade valued at $165,283, the Senior VP and CFO traded Microchip Technology, Inc. shares for $83.90 each. Upon closing the transaction, the insider’s holdings decreased to 1,970 shares, worth approximately $2.93 million.
As published in a research note from TD Cowen on February 02, 2024, Microchip Technology, Inc. [MCHP] has been retained to a Market perform and the price target has been revised to $80. Analysts at Wolfe Research upgraded the stock from ‘”a Peer perform”‘ to ‘”an Outperform”‘ outlook in a report released in mid January. As of January 04, 2024, Piper Sandler has decreased its “an Overweight” rating to a “Neutral” for MCHP. Earlier on November 08, 2023, Citigroup upgraded its rating. Their new recommendation was “a Buy” for MCHP stock which previously was a “a Neutral”.
Analyzing MCHP Stock Performance
During the last five days, there has been a surge of approximately 0.96%. Over the course of the year, Microchip Technology, Inc. shares have dropped approximately -1.10%. Shares of the company reached a 52-week high of $94.19 on 03/07/24 and a 52-week low of $79.94 on 02/14/24. A 50-day SMA is recorded $86.34, while a 200-day SMA reached $83.81. Nevertheless, trading volume fell to 3.88 million shares from 4.4 million shares the previous day.
Support And Resistance Levels for Microchip Technology, Inc. (MCHP)
According to the 24-hour chart, there is a support level at 87.63, which, if violated, would cause prices to drop to 86.07. In the upper region, resistance lies at 90.01. The next price resistance is at 90.83. RSI (Relative Strength Index) is 54.91 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.11, which suggests the price will decrease in the coming days. Percent R is at 56.90%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Microchip Technology, Inc. subject to short interest?
Stocks of Microchip Technology, Inc. saw a sharp steep in short interest on Feb 29, 2024 dropping by -0.48 million shares to 20.28 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 20.76 million shares. A decline of -2.37% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.38 of the overall float, the days-to-cover ratio (short ratio) decline to 3.38.
