Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Albemarle Corp. shares valued at $167,314 were purchased by Coleman Kristin M. on Nov 07 ’23. At $121.86 per share, Coleman Kristin M. acquired 1,373 shares. The insider’s holdings grew to 2,746 shares worth approximately $0.35 million following the completion of this transaction.
Also, Norris Eric purchased 1,260 shares, netting a total of over 246,317 in proceeds. Following the buying of shares at $195.49 each, the insider now holds 26,596 shares.
Before that, Masters J Kent had added 5,470 shares to its account. In a trade valued at $993,571, the Chairman & CEO bought Albemarle Corp. shares for $181.64 each. Upon closing the transaction, the insider’s holdings increased to 5,470 shares, worth approximately $6.57 million.
As published in a research note from BofA Securities on April 10, 2024, Albemarle Corp. [ALB] has been rated up from a Neutral to a Buy and the price target has been revised to $156 from $137. Analysts at Vertical Research downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in early March. As of March 01, 2024, Wolfe Research has initiated its “Peer perform” rating for ALB. Earlier on February 09, 2024, Citigroup downgraded its rating. Their new recommendation was “a Neutral” for ALB stock which previously was a “a Buy”.
Analyzing ALB Stock Performance
During the last five days, there has been a drop of approximately -0.95%. Over the course of the year, Albemarle Corp. shares have dropped approximately -11.65%. Shares of the company reached a 52-week high of $149.61 on 01/02/24 and a 52-week low of $106.69 on 03/05/24. A 50-day SMA is recorded $122.11, while a 200-day SMA reached $154.21. Nevertheless, trading volume fell to 3.54 million shares from 3.0 million shares the previous day.
Support And Resistance Levels for Albemarle Corp. (ALB)
According to the 24-hour chart, there is a support level at 124.79, which, if violated, would cause prices to drop to 121.94. In the upper region, resistance lies at 131.12. The next price resistance is at 134.60. RSI (Relative Strength Index) is 52.36 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.70, which suggests the price will increase in the coming days. Percent R is at 36.92%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Albemarle Corp. subject to short interest?
Stocks of Albemarle Corp. saw a sharp rise in short interest on Mar 28, 2024 jumping by 3.62 million shares to 14.63 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 11.01 million shares. A jump of 24.74% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.27 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.27.
