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. Macy’s Inc shares valued at $591,422 were sold by Gennette Jeffrey on Apr 01 ’24. At $19.66 per share, Gennette Jeffrey sold 30,090 shares. The insider’s holdings dropped to 1,073,699 shares worth approximately $21.68 million following the completion of this transaction.
Also, Spring Antony sold 14,859 shares, netting a total of over 291,743 in proceeds. Following the sale of shares at $19.63 each, the insider now holds 248,897 shares.
Before that, Mitchell Adrian V had sold 13,279 shares from its account. In a trade valued at $260,716, the EVP, COO & CFO traded Macy’s Inc shares for $19.63 each. Upon closing the transaction, the insider’s holdings decreased to 13,279 shares, worth approximately $2.43 million.
As published in a research note from TD Cowen on February 29, 2024, Macy’s Inc [M] has been rated down from an Outperform to a Market perform and the price target has been revised to $20 from $23. Analysts at Telsey Advisory Group resumed the stock at ‘”a Market perform”‘ outlook in a report released in late February. As of February 02, 2024, Citigroup has increased its “Sell” rating to a “Neutral” for M. Earlier on December 12, 2023, Citigroup downgraded its rating. Their new recommendation was “a Sell” for M stock which previously was a “a Neutral”.
Analyzing M Stock Performance
During the last five days, there has been a surge of approximately 7.05%. Over the course of the year, Macy’s Inc shares have jumped approximately 0.35%. Shares of the company reached a 52-week high of $22.10 on 03/19/24 and a 52-week low of $17.11 on 02/29/24. A 50-day SMA is recorded $19.59, while a 200-day SMA reached $16.03. Nevertheless, trading volume fell to 6.82 million shares from 5.34 million shares the previous day.
Support And Resistance Levels for Macy’s Inc (M)
According to the 24-hour chart, there is a support level at 19.52, which, if violated, would cause prices to drop to 18.86. In the upper region, resistance lies at 20.53. The next price resistance is at 20.88. RSI (Relative Strength Index) is 54.14 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.28, which suggests the price will decrease in the coming days. Percent R is at 37.09%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Macy’s Inc subject to short interest?
Stocks of Macy’s Inc saw a sharp steep in short interest on Mar 28, 2024 dropping by -1.43 million shares to 16.65 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 18.08 million shares. A decline of -8.59% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.78 of the overall float, the days-to-cover ratio (short ratio) decline to 1.78.
