Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Scotts Miracle-Gro Company shares valued at $5,648,846 were sold by Hagedorn Partnership, L.P. on Mar 04 ’24. At $65.41 per share, Hagedorn Partnership, L.P. sold 86,356 shares. The insider’s holdings dropped to 13,777,012 shares worth approximately $1.02 billion following the completion of this transaction.
Also, Hagedorn Partnership, L.P. sold 15,000 shares, netting a total of over 876,000 in proceeds. Following the sale of shares at $58.40 each, the insider now holds 13,881,368 shares.
Before that, Johnson Stephen L had sold 1,394 shares from its account. In a trade valued at $79,940, the Director traded Scotts Miracle-Gro Company shares for $57.35 each. Upon closing the transaction, the insider’s holdings decreased to 1,394 shares, worth approximately $1.7 million.
As published in a research note from Raymond James on March 25, 2024, Scotts Miracle-Gro Company [SMG] has been rated down from a Strong buy to a Mkt perform. Analysts at Stifel downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in mid July. As of July 11, 2023, Truist has increased its “Hold” rating to a “Buy” for SMG. Earlier on May 08, 2023, JP Morgan upgraded its rating. Their new recommendation was “an Overweight” for SMG stock which previously was a “a Neutral”.
Analyzing SMG Stock Performance
During the last five days, there has been a surge of approximately 0.61%. Over the course of the year, Scotts Miracle-Gro Company shares have jumped approximately 16.17%. Shares of the company reached a 52-week high of $77.95 on 04/04/24 and a 52-week low of $53.43 on 02/06/24. A 50-day SMA is recorded $63.52, while a 200-day SMA reached $58.35. Nevertheless, trading volume fell to 1.07 million shares from 0.7 million shares the previous day.
Support And Resistance Levels for Scotts Miracle-Gro Company (SMG)
According to the 24-hour chart, there is a support level at 72.60, which, if violated, would cause prices to drop to 71.15. In the upper region, resistance lies at 76.73. The next price resistance is at 79.41. RSI (Relative Strength Index) is 64.39 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.75, which suggests the price will increase in the coming days. Percent R is at 30.78%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Scotts Miracle-Gro Company subject to short interest?
Stocks of Scotts Miracle-Gro Company saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.17 million shares to 4.45 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 4.28 million shares. A jump of 3.82% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.83 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.83.
