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. Macerich Co. shares valued at $1,289,250 were sold by COPPOLA EDWARD C on Mar 28 ’24. At $17.19 per share, COPPOLA EDWARD C sold 75,000 shares. The insider’s holdings dropped to 560,667 shares worth approximately $8.84 million following the completion of this transaction.
Also, COPPOLA EDWARD C sold 20,000 shares, netting a total of over 340,200 in proceeds. Following the sale of shares at $17.01 each, the insider now holds 635,667 shares.
Before that, O HERN THOMAS E had sold 95,000 shares from its account. In a trade valued at $1,609,300, the Director traded Macerich Co. shares for $16.94 each. Upon closing the transaction, the insider’s holdings decreased to 95,000 shares, worth approximately $1.62 million.
As published in a research note from Citigroup on March 22, 2024, Macerich Co. [MAC] has been rated up from a Sell to a Neutral and the price target has been revised to $17 from $8. Analysts at Piper Sandler upgraded the stock from ‘”an Underweight”‘ to ‘”a Neutral”‘ outlook in a report released in early October.
Analyzing MAC Stock Performance
During the last five days, there has been a drop of approximately -2.53%. Over the course of the year, Macerich Co. shares have jumped approximately 2.20%. Shares of the company reached a 52-week high of $17.69 on 02/16/24 and a 52-week low of $14.66 on 01/05/24. A 50-day SMA is recorded $16.51, while a 200-day SMA reached $13.41. Nevertheless, trading volume fell to 1.8 million shares from 1.16 million shares the previous day.
Support And Resistance Levels for Macerich Co. (MAC)
According to the 24-hour chart, there is a support level at 15.50, which, if violated, would cause prices to drop to 15.23. In the upper region, resistance lies at 15.99. The next price resistance is at 16.21. RSI (Relative Strength Index) is 40.84 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.41, which suggests the price will decrease in the coming days. Percent R is at 85.35%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Macerich Co. subject to short interest?
Stocks of Macerich Co. saw a sharp steep in short interest on Mar 28, 2024 dropping by -0.59 million shares to 12.56 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 13.15 million shares. A decline of -4.7% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 6.56 of the overall float, the days-to-cover ratio (short ratio) decline to 6.56.
