Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Eastern Bankshares Inc. shares valued at $526,967 were sold by Borgen Luis on Mar 18 ’24. At $13.08 per share, Borgen Luis sold 40,288 shares. The insider’s holdings dropped to 42,040 shares worth approximately $0.55 million following the completion of this transaction.
Also, Jackson Deborah C sold 5,713 shares, netting a total of over 74,726 in proceeds. Following the sale of shares at $13.08 each, the insider now holds 70,501 shares.
Before that, Harlam Bari A had sold 4,968 shares from its account. In a trade valued at $64,981, the Director traded Eastern Bankshares Inc. shares for $13.08 each. Upon closing the transaction, the insider’s holdings decreased to 4,968 shares, worth approximately $0.93 million.
As published in their initiating research note from Seaport Research Partners on September 12, 2023, Eastern Bankshares Inc. [EBC] has been a Buy and the price target has been revised to $16. Analysts at JP Morgan downgraded the stock from ‘”a Neutral”‘ to ‘”an Underweight”‘ outlook in a report released in late January. As of January 30, 2023, Janney has decreased its “Buy” rating to a “Neutral” for EBC. Earlier on November 16, 2021, Piper Sandler initiated its rating. Their recommendation was “an Overweight” for EBC stock.
Analyzing EBC Stock Performance
During the last five days, there has been a drop of approximately -4.37%. Over the course of the year, Eastern Bankshares Inc. shares have dropped approximately -7.61%. Shares of the company reached a 52-week high of $14.89 on 01/30/24 and a 52-week low of $12.59 on 03/05/24. A 50-day SMA is recorded $13.45, while a 200-day SMA reached $13.12. Nevertheless, trading volume fell to 1.08 million shares from 0.75 million shares the previous day.
Support And Resistance Levels for Eastern Bankshares Inc. (EBC)
According to the 24-hour chart, there is a support level at 12.98, which, if violated, would cause prices to drop to 12.85. In the upper region, resistance lies at 13.35. The next price resistance is at 13.58. RSI (Relative Strength Index) is 46.68 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.19, which suggests the price will decrease in the coming days. Percent R is at 62.16%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Eastern Bankshares Inc. subject to short interest?
Stocks of Eastern Bankshares Inc. saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.29 million shares to 4.66 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 4.37 million shares. A jump of 6.22% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.67 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.67.
