Microchip Technology, Inc.’s recent filing unveils that its Executive Chair SANGHI STEVE unloaded Company’s shares for reported $3.39 million on Mar 07 ’24. In the deal valued at $93.10 per share,36,443 shares were sold. As a result of this transaction, SANGHI STEVE now holds 10,090,421 shares worth roughly $883.62 million.
Then, Johnson Karlton D sold 92 shares, generating $7,993 in total proceeds. Upon selling the shares at $86.88, the Director now owns 1,697 shares.
Before that, Bjornholt James Eric sold 1,970 shares. Microchip Technology, Inc. shares valued at $165,283 were divested by the Senior VP and CFO at a price of $83.90 per share. As a result of the transaction, Bjornholt James Eric now holds 32,893 shares, worth roughly $2.88 million.
TD Cowen reiterated its Microchip Technology, Inc. [MCHP] rating to a Market perform in a research note published on February 02, 2024; the price target was $80. A number of analysts have revised their coverage, including Wolfe Research’s analysts, who increased its forecast for the stock in mid January from “a Peer perform” to “an Outperform”. Piper Sandler also remained covering MCHP and has decreased its forecast on January 04, 2024 with a “Neutral” recommendation from previously “an Overweight” rating. Citigroup revised its rating on November 08, 2023. It rated MCHP as “a Buy” which previously was an “a Neutral”.
Price Performance Review of MCHP
On Friday, Microchip Technology, Inc. [NASDAQ:MCHP] saw its stock jump 1.52% to $87.57. Over the last five days, the stock has lost -2.39%. Microchip Technology, Inc. shares have fallen nearly -2.89% since the year began. Nevertheless, the stocks have risen 7.26% over the past one year. While a 52-week high of $94.30 was reached on 03/07/24, a 52-week low of $68.75 was recorded on 02/14/24. SMA at 50 days reached $86.28, while 200 days put it at $83.91. A total of 3.58 million shares were traded, compared to the trading of 5.49 million shares in the previous session.
Levels Of Support And Resistance For MCHP Stock
The 24-hour chart illustrates a support level at 86.28, which if violated will result in even more drops to 84.99. On the upside, there is a resistance level at 88.48. A further resistance level may holdings at 89.39. The Relative Strength Index (RSI) on the 14-day chart is 49.71, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.75, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 67.98%. Stochastics %K at 27.55% indicates the stock is a holding.
How much short interest is there in Microchip Technology, Inc.?
A steep rise in short interest was recorded in Microchip Technology, Inc. stocks on Mar 15, 2024, growing by 4.13 million shares to a total of 25.39 million shares. Yahoo Finance data shows the prior-month short interest on Feb 15, 2024 was 21.26 million shares. There was a rise of 16.27%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 5.48% of the overall stock float, the days-to-cover ratio (short ratio) rose to 4.06.
The most recent change occurred on July 20, 2023 when Wolfe Research began covering the stock and recommended ‘”a Peer perform”‘ rating .
