Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Concentrix Corp. shares valued at $24,416 were purchased by Fogarty Jane on Apr 03 ’24. At $61.04 per share, Fogarty Jane acquired 400 shares. The insider’s holdings grew to 10,492 shares worth approximately $0.62 million following the completion of this transaction.
Also, Hayley Kathryn purchased 379 shares, netting a total of over 25,000 in proceeds. Following the buying of shares at $65.96 each, the insider now holds 2,534 shares.
Before that, Fogarty Jane had added 200 shares to its account. In a trade valued at $17,853, the EVP, Legal bought Concentrix Corp. shares for $89.27 each. Upon closing the transaction, the insider’s holdings increased to 200 shares, worth approximately $0.32 million.
As published in a research note from BofA Securities on March 27, 2024, Concentrix Corp. [CNXC] has been rated down from a Neutral to an Underperform and the price target has been revised to $60 from $85. Analysts at Redburn Atlantic started covering the stock with ‘”a Neutral”‘ outlook in a report released in early September. As of August 24, 2023, Scotiabank has initiated its “Sector outperform” rating for CNXC. Earlier on June 29, 2023, BofA Securities downgraded its rating. Their new recommendation was “a Neutral” for CNXC stock which previously was a “a Buy”.
Analyzing CNXC Stock Performance
During the last five days, there has been a surge of approximately 3.36%. Over the course of the year, Concentrix Corp. shares have dropped approximately -39.50%. Shares of the company reached a 52-week high of $106.10 on 01/24/24 and a 52-week low of $56.81 on 04/05/24. A 50-day SMA is recorded $72.10, while a 200-day SMA reached $81.38. Nevertheless, trading volume fell to 0.57 million shares from 0.57 million shares the previous day.
Support And Resistance Levels for Concentrix Corp. (CNXC)
According to the 24-hour chart, there is a support level at 58.30, which, if violated, would cause prices to drop to 57.19. In the upper region, resistance lies at 60.49. The next price resistance is at 61.57. RSI (Relative Strength Index) is 37.90 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.26, which suggests the price will decrease in the coming days. Percent R is at 74.83%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Concentrix Corp. subject to short interest?
Stocks of Concentrix Corp. saw a sharp rise in short interest on Mar 15, 2024 jumping by 90000.0 shares to 2.19 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 2.1 million shares. A jump of 4.11% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.84 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.84.
