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. Paccar Inc. shares valued at $3,479,024 were sold by SCHIPPERS HARRIE on Feb 12 ’24. At $106.08 per share, SCHIPPERS HARRIE sold 32,797 shares. The insider’s holdings dropped to 103,547 shares worth approximately $12.48 million following the completion of this transaction.
Also, HUBBARD TODD R sold 2,000 shares, netting a total of over 212,300 in proceeds. Following the sale of shares at $106.15 each, the insider now holds 5,726 shares.
Before that, SCHIPPERS HARRIE had sold 32,000 shares from its account. In a trade valued at $3,329,248, the PRESIDENT & CFO traded Paccar Inc. shares for $104.04 each. Upon closing the transaction, the insider’s holdings decreased to 32,000 shares, worth approximately $12.48 million.
As published in their initiating research note from RBC Capital Mkts on March 26, 2024, Paccar Inc. [PCAR] has been a Sector perform and the price target has been revised to $123. Analysts at UBS upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in mid March. As of March 14, 2024, Truist has initiated its “Hold” rating for PCAR. Earlier on January 24, 2024, TD Cowen resumed its rating. Their recommendation was “a Market perform” for PCAR stock.
Analyzing PCAR Stock Performance
During the last five days, there has been a drop of approximately -3.16%. Over the course of the year, Paccar Inc. shares have jumped approximately 23.43%. Shares of the company reached a 52-week high of $125.50 on 03/28/24 and a 52-week low of $92.68 on 01/04/24. A 50-day SMA is recorded $112.18, while a 200-day SMA reached $93.88. Nevertheless, trading volume fell to 1.9 million shares from 3.74 million shares the previous day.
Support And Resistance Levels for Paccar Inc. (PCAR)
According to the 24-hour chart, there is a support level at 119.72, which, if violated, would cause prices to drop to 118.91. In the upper region, resistance lies at 121.86. The next price resistance is at 123.19. RSI (Relative Strength Index) is 59.58 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.27, which suggests the price will decrease in the coming days. Percent R is at 53.67%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Paccar Inc. subject to short interest?
Stocks of Paccar Inc. saw a sharp rise in short interest on Mar 15, 2024 jumping by 1.4 million shares to 6.95 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 5.55 million shares. A jump of 20.14% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.89 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.89.
