Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Pinnacle West Capital Corp. shares valued at $122,280 were sold by Smith Robert Edgar on Dec 08 ’23. At $75.95 per share, Smith Robert Edgar sold 1,610 shares. The insider’s holdings dropped to 9,178 shares worth approximately $0.68 million following the completion of this transaction.
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Also, Geisler Theodore N sold 1,484 shares, netting a total of over 118,616 in proceeds. Following the sale of shares at $79.93 each, the insider now holds 6,750 shares.
Before that, Geisler Theodore N had sold 7 shares from its account. In a trade valued at $558, the President, APS traded Pinnacle West Capital Corp. shares for $79.73 each. Upon closing the transaction, the insider’s holdings decreased to 7 shares, worth approximately $0.0.
As published in a research note from BofA Securities on March 18, 2024, Pinnacle West Capital Corp. [PNW] has been rated up from a Neutral to a Buy and the price target has been revised to $80 from $71. Analysts at UBS upgraded the stock from ‘”a Sell”‘ to ‘”a Neutral”‘ outlook in a report released in mid March. As of February 14, 2024, Ladenburg Thalmann has initiated its “Neutral” rating for PNW. Earlier on January 22, 2024, Guggenheim upgraded its rating. Their new recommendation was “a Buy” for PNW stock which previously was a “a Neutral”.
Analyzing PNW Stock Performance
During the last five days, there has been a surge of approximately 1.72%. Over the course of the year, Pinnacle West Capital Corp. shares have jumped approximately 3.05%. Shares of the company reached a 52-week high of $75.18 on 01/05/24 and a 52-week low of $65.20 on 02/08/24. A 50-day SMA is recorded $69.81, while a 200-day SMA reached $74.98. Nevertheless, trading volume fell to 1.5 million shares from 0.89 million shares the previous day.
Support And Resistance Levels for Pinnacle West Capital Corp. (PNW)
According to the 24-hour chart, there is a support level at 72.78, which, if violated, would cause prices to drop to 71.52. In the upper region, resistance lies at 74.70. The next price resistance is at 75.36. RSI (Relative Strength Index) is 64.59 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.73, which suggests the price will decrease in the coming days. Percent R is at 1.74%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Pinnacle West Capital Corp. subject to short interest?
Stocks of Pinnacle West Capital Corp. saw a sharp rise in short interest on Feb 29, 2024 jumping by 1.35 million shares to 3.34 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 1.99 million shares. A jump of 40.42% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.99 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.99.
