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. WEC Energy Group Inc shares valued at $2,925,605 were sold by KLAPPA GALE E on Feb 29 ’24. At $78.69 per share, KLAPPA GALE E sold 37,180 shares. The insider’s holdings dropped to 274,782 shares worth approximately $22.27 million following the completion of this transaction.
Also, Lauber Scott J sold 2,830 shares, netting a total of over 223,247 in proceeds. Following the sale of shares at $78.89 each, the insider now holds 43,125 shares.
Before that, PAYNE ULICE JR had sold 600 shares from its account. In a trade valued at $50,079, the Director traded WEC Energy Group Inc shares for $83.46 each. Upon closing the transaction, the insider’s holdings decreased to 600 shares, worth approximately $1.7 million.
As published in a research note from JP Morgan on February 02, 2024, WEC Energy Group Inc [WEC] has been rated down from a Neutral to an Underweight and the price target has been revised to $84 from $90. Analysts at BofA Securities downgraded the stock from ‘”a Neutral”‘ to ‘”an Underperform”‘ outlook in a report released in early January. As of October 17, 2023, BofA Securities has decreased its “Buy” rating to a “Neutral” for WEC. Earlier on September 27, 2023, RBC Capital Mkts initiated its rating. Their recommendation was “a Sector perform” for WEC stock.
Analyzing WEC Stock Performance
During the last five days, there has been a drop of approximately -0.18%. Over the course of the year, WEC Energy Group Inc shares have dropped approximately -3.73%. Shares of the company reached a 52-week high of $86.89 on 01/04/24 and a 52-week low of $75.13 on 02/13/24. A 50-day SMA is recorded $79.62, while a 200-day SMA reached $83.46. Nevertheless, trading volume fell to 1.41 million shares from 1.23 million shares the previous day.
Support And Resistance Levels for WEC Energy Group Inc (WEC)
According to the 24-hour chart, there is a support level at 80.27, which, if violated, would cause prices to drop to 79.51. In the upper region, resistance lies at 81.81. The next price resistance is at 82.60. RSI (Relative Strength Index) is 53.04 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.60, which suggests the price will decrease in the coming days. Percent R is at 39.04%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is WEC Energy Group Inc subject to short interest?
Stocks of WEC Energy Group Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.68 million shares to 8.62 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 7.94 million shares. A jump of 7.89% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.31 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.31.
