Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. NOV Inc shares valued at $60,988 were sold by Novak Christy Lynn on Feb 22 ’24. At $17.43 per share, Novak Christy Lynn sold 3,500 shares. The insider’s holdings dropped to 114,212 shares worth approximately $2.32 million following the completion of this transaction.
As published in a research note from TD Cowen on February 05, 2024, NOV Inc [NOV] has been retained to an Outperform and the price target has been revised to $30. Analysts at The Benchmark Company downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in mid January. As of December 08, 2023, JP Morgan has increased its “Neutral” rating to a “an Overweight” for NOV. Earlier on October 17, 2023, Barclays downgraded its rating. Their new recommendation was “an Underweight” for NOV stock which previously was a “an Equal weight”.
Analyzing NOV Stock Performance
During the last five days, there has been a surge of approximately 0.90%. Shares of the company reached a 52-week high of $21.23 on 01/25/24 and a 52-week low of $16.77 on 02/26/24. A 50-day SMA is recorded $18.31, while a 200-day SMA reached $19.32. Nevertheless, trading volume fell to 2.06 million shares from 2.24 million shares the previous day.
Support And Resistance Levels for NOV Inc (NOV)
According to the 24-hour chart, there is a support level at 20.02, which, if violated, would cause prices to drop to 19.75. In the upper region, resistance lies at 20.51. The next price resistance is at 20.73. RSI (Relative Strength Index) is 69.65 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.53, which suggests the price will decrease in the coming days. Percent R is at 26.14%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is NOV Inc subject to short interest?
Stocks of NOV Inc saw a sharp rise in short interest on Mar 28, 2024 jumping by 1.47 million shares to 10.33 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 8.86 million shares. A jump of 14.23% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.66 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.66.
