Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. American Tower Corp. shares valued at $106,645 were sold by Font Juan on Mar 15 ’24. At $197.49 per share, Font Juan sold 540 shares. The insider’s holdings dropped to 19,265 shares worth approximately $3.67 million following the completion of this transaction.
Also, Smith Rodney M sold 11,510 shares, netting a total of over 2,367,767 in proceeds. Following the sale of shares at $205.71 each, the insider now holds 62,969 shares.
Before that, Vondran Steven O had sold 3,265 shares from its account. In a trade valued at $654,382, the President and CEO traded American Tower Corp. shares for $200.42 each. Upon closing the transaction, the insider’s holdings decreased to 3,265 shares, worth approximately $11.11 million.
As published in their initiating research note from HSBC Securities on December 14, 2023, American Tower Corp. [AMT] has been a Buy and the price target has been revised to $245. Analysts at Scotiabank started covering the stock with ‘”a Sector outperform”‘ outlook in a report released in mid October. As of July 13, 2023, BMO Capital Markets has initiated its “an Outperform” rating for AMT. Earlier on March 30, 2023, MoffettNathanson upgraded its rating. Their new recommendation was “an Outperform” for AMT stock which previously was a “a Market perform”.
Analyzing AMT Stock Performance
During the last five days, there has been a drop of approximately -3.59%. Over the course of the year, American Tower Corp. shares have dropped approximately -11.85%. Shares of the company reached a 52-week high of $219.10 on 01/02/24 and a 52-week low of $181.16 on 02/27/24. A 50-day SMA is recorded $195.47, while a 200-day SMA reached $190.19. Nevertheless, trading volume fell to 2.27 million shares from 2.27 million shares the previous day.
Support And Resistance Levels for American Tower Corp. (AMT)
According to the 24-hour chart, there is a support level at 188.66, which, if violated, would cause prices to drop to 187.02. In the upper region, resistance lies at 193.37. The next price resistance is at 196.44. RSI (Relative Strength Index) is 38.25 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.95, which suggests the price will decrease in the coming days. Percent R is at 97.57%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is American Tower Corp. subject to short interest?
Stocks of American Tower Corp. saw a sharp steep in short interest on Mar 15, 2024 dropping by -0.95 million shares to 4.89 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 5.84 million shares. A decline of -19.43% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.88 of the overall float, the days-to-cover ratio (short ratio) decline to 1.88.
