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. Beacon Roofing Supply Inc shares valued at $306,767 were sold by Nelson Christopher Carl on Mar 28 ’24. At $93.87 per share, Nelson Christopher Carl sold 3,268 shares. The insider’s holdings dropped to 176 shares worth approximately $17719.68 following the completion of this transaction.
Also, Taylor Jason L sold 1,805 shares, netting a total of over 171,475 in proceeds. Following the sale of shares at $95.00 each, the insider now holds 10,531 shares.
Before that, Taylor Jason L had sold 1,806 shares from its account. In a trade valued at $160,282, the President, West Division traded Beacon Roofing Supply Inc shares for $88.75 each. Upon closing the transaction, the insider’s holdings decreased to 1,806 shares, worth approximately $1.13 million.
As published in a research note from Robert W. Baird on February 29, 2024, Beacon Roofing Supply Inc [BECN] has been rated up from a Neutral to an Outperform and the price target has been revised to $115 from $99. Analysts at William Blair upgraded the stock from ‘”a Mkt perform”‘ to ‘”an Outperform”‘ outlook in a report released in early January. As of December 14, 2023, JP Morgan has increased its “Neutral” rating to a “an Overweight” for BECN. Earlier on October 05, 2023, RBC Capital Mkts upgraded its rating. Their new recommendation was “an Outperform” for BECN stock which previously was a “a Sector perform”.
Analyzing BECN Stock Performance
During the last five days, there has been a surge of approximately 5.92%. Over the course of the year, Beacon Roofing Supply Inc shares have jumped approximately 15.70%. Shares of the company reached a 52-week high of $102.30 on 04/04/24 and a 52-week low of $81.61 on 01/24/24. A 50-day SMA is recorded $88.32, while a 200-day SMA reached $82.27. Nevertheless, trading volume fell to 0.76 million shares from 0.56 million shares the previous day.
Support And Resistance Levels for Beacon Roofing Supply Inc (BECN)
According to the 24-hour chart, there is a support level at 99.75, which, if violated, would cause prices to drop to 98.83. In the upper region, resistance lies at 101.95. The next price resistance is at 103.23. RSI (Relative Strength Index) is 79.81 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 4.78, which suggests the price will increase in the coming days. Percent R is at 9.85%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Beacon Roofing Supply Inc subject to short interest?
Stocks of Beacon Roofing Supply Inc saw a sharp steep in short interest on Mar 15, 2024 dropping by -0.4 million shares to 1.49 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 1.89 million shares. A decline of -26.85% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.18 of the overall float, the days-to-cover ratio (short ratio) decline to 2.18.
