Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Cathay General Bancorp shares valued at $304,151 were sold by TANG ANTHONY M on Jan 29 ’24. At $43.45 per share, TANG ANTHONY M sold 7,000 shares. The insider’s holdings dropped to 204,500 shares worth approximately $7.82 million following the completion of this transaction.
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Also, BINGHAM KIM R sold 6,000 shares, netting a total of over 224,543 in proceeds. Following the sale of shares at $37.42 each, the insider now holds 41,849 shares.
Before that, Sun Richard had added 6,100 shares to its account. In a trade valued at $213,500, the Director bought Cathay General Bancorp shares for $35.00 each. Upon closing the transaction, the insider’s holdings increased to 6,100 shares, worth approximately $0.66 million.
As published in a research note from Piper Sandler on November 06, 2023, Cathay General Bancorp [CATY] has been rated down from a Neutral to an Underweight and the price target has been revised to $31. Analysts at Stephens started covering the stock with ‘”an Equal-weight”‘ outlook in a report released in mid July. Earlier on May 02, 2018, Wedbush upgraded its rating. Their new recommendation was “an Outperform” for CATY stock which previously was a “a Neutral”.
Analyzing CATY Stock Performance
During the last five days, there has been a drop of approximately -0.03%. Over the course of the year, Cathay General Bancorp shares have dropped approximately -14.20%. Shares of the company reached a 52-week high of $45.12 on 01/02/24 and a 52-week low of $36.60 on 03/20/24. A 50-day SMA is recorded $39.96, while a 200-day SMA reached $37.51. Nevertheless, trading volume fell to 0.59 million shares from 0.79 million shares the previous day.
Support And Resistance Levels for Cathay General Bancorp (CATY)
According to the 24-hour chart, there is a support level at 37.64, which, if violated, would cause prices to drop to 37.03. In the upper region, resistance lies at 38.55. The next price resistance is at 38.85. RSI (Relative Strength Index) is 46.42 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.69, which suggests the price will decrease in the coming days. Percent R is at 65.47%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Cathay General Bancorp subject to short interest?
Stocks of Cathay General Bancorp saw a sharp rise in short interest on Feb 29, 2024 jumping by 0.11 million shares to 2.64 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 2.53 million shares. A jump of 4.17% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 8.61 of the overall float, the days-to-cover ratio (short ratio) jumped to 8.61.
