Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Molson Coors Beverage Company shares valued at $167,285 were sold by Joubert Tracey on Feb 12 ’24. At $60.37 per share, Joubert Tracey sold 2,771 shares. The insider’s holdings dropped to 60,538 shares worth approximately $4.13 million following the completion of this transaction.
Also, Winnefeld James A Jr purchased 100 shares, netting a total of over 5,902 in proceeds. Following the buying of shares at $59.02 each, the insider now holds 16,093 shares.
Before that, Winnefeld James A Jr had added 100 shares to its account. In a trade valued at $6,708, the Director bought Molson Coors Beverage Company shares for $67.08 each. Upon closing the transaction, the insider’s holdings increased to 100 shares, worth approximately $1.09 million.
As published in their initiating research note from Piper Sandler on March 22, 2024, Molson Coors Beverage Company [TAP] has been a Neutral and the price target has been revised to $69. Analysts at HSBC Securities started covering the stock with ‘”a Hold”‘ outlook in a report released in late November. As of November 13, 2023, Jefferies has initiated its “Hold” rating for TAP. Earlier on November 03, 2023, Deutsche Bank upgraded its rating. Their new recommendation was “a Hold” for TAP stock which previously was a “a Sell”.
Analyzing TAP Stock Performance
During the last five days, there has been a surge of approximately 1.85%. Over the course of the year, Molson Coors Beverage Company shares have jumped approximately 11.32%. Shares of the company reached a 52-week high of $68.33 on 04/03/24 and a 52-week low of $58.90 on 02/07/24. A 50-day SMA is recorded $63.90, while a 200-day SMA reached $63.09. Nevertheless, trading volume fell to 1.43 million shares from 1.94 million shares the previous day.
Support And Resistance Levels for Molson Coors Beverage Company (TAP)
According to the 24-hour chart, there is a support level at 67.89, which, if violated, would cause prices to drop to 67.64. In the upper region, resistance lies at 68.36. The next price resistance is at 68.58. RSI (Relative Strength Index) is 67.65 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.55, which suggests the price will decrease in the coming days. Percent R is at 6.35%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Molson Coors Beverage Company subject to short interest?
Stocks of Molson Coors Beverage Company saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.41 million shares to 10.03 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 9.62 million shares. A jump of 4.09% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.83 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.83.
