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. Agree Realty Corp. shares valued at $24,898 were purchased by Breslin Stephen on Mar 14 ’24. At $55.33 per share, Breslin Stephen acquired 450 shares. The insider’s holdings grew to 10,441 shares worth approximately $0.59 million following the completion of this transaction.
Also, AGREE RICHARD purchased 16,000 shares, netting a total of over 888,000 in proceeds. Following the buying of shares at $55.50 each, the insider now holds 135,855 shares.
Before that, RAKOLTA JOHN JR had added 20,000 shares to its account. In a trade valued at $1,135,000, the Director bought Agree Realty Corp. shares for $56.75 each. Upon closing the transaction, the insider’s holdings increased to 20,000 shares, worth approximately $23.32 million.
As published in their initiating research note from BMO Capital Markets on February 13, 2024, Agree Realty Corp. [ADC] has been an Outperform and the price target has been revised to $69. Analysts at JMP Securities upgraded the stock from ‘”a Mkt perform”‘ to ‘”a Mkt outperform”‘ outlook in a report released in late January. As of December 13, 2023, Exane BNP Paribas has decreased its “an Outperform” rating to a “Neutral” for ADC. Earlier on December 11, 2023, Mizuho downgraded its rating. Their new recommendation was “a Neutral” for ADC stock which previously was a “a Buy”.
Analyzing ADC Stock Performance
During the last five days, there has been a surge of approximately 0.39%. Over the course of the year, Agree Realty Corp. shares have dropped approximately -10.21%. Shares of the company reached a 52-week high of $63.93 on 01/08/24 and a 52-week low of $54.28 on 03/01/24. A 50-day SMA is recorded $57.07, while a 200-day SMA reached $59.71. Nevertheless, trading volume fell to 1.25 million shares from 0.74 million shares the previous day.
Support And Resistance Levels for Agree Realty Corp. (ADC)
According to the 24-hour chart, there is a support level at 55.79, which, if violated, would cause prices to drop to 55.07. In the upper region, resistance lies at 57.24. The next price resistance is at 57.97. RSI (Relative Strength Index) is 48.22 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.75, which suggests the price will decrease in the coming days. Percent R is at 61.08%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Agree Realty Corp. subject to short interest?
Stocks of Agree Realty Corp. saw a sharp rise in short interest on Mar 28, 2024 jumping by 0.92 million shares to 4.32 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 3.4 million shares. A jump of 21.3% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.68 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.68.
