Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Cogent Communications Holdings Inc shares valued at $1,680,633 were sold by SCHAEFFER DAVE on Mar 15 ’24. At $64.21 per share, SCHAEFFER DAVE sold 26,174 shares. The insider’s holdings dropped to 4,653,203 shares worth approximately $300.46 million following the completion of this transaction.
Also, SCHAEFFER DAVE sold 30,000 shares, netting a total of over 2,025,600 in proceeds. Following the sale of shares at $67.52 each, the insider now holds 4,679,377 shares.
Before that, SCHAEFFER DAVE had sold 8,826 shares from its account. In a trade valued at $640,326, the CHAIRMAN, CEO, AND PRESIDENT traded Cogent Communications Holdings Inc shares for $72.55 each. Upon closing the transaction, the insider’s holdings decreased to 8,826 shares, worth approximately $310.95 million.
As published in a research note from BofA Securities on March 07, 2024, Cogent Communications Holdings Inc [CCOI] has been rated down from a Buy to a Neutral and the price target has been revised to $75. Analysts at Goldman upgraded the stock from ‘”a Sell”‘ to ‘”a Neutral”‘ outlook in a report released in late August. As of August 11, 2023, TD Cowen has increased its “Market perform” rating to a “an Outperform” for CCOI. Earlier on May 08, 2023, JP Morgan downgraded its rating. Their new recommendation was “a Neutral” for CCOI stock which previously was a “an Overweight”.
Analyzing CCOI Stock Performance
During the last five days, there has been a surge of approximately 1.37%. Over the course of the year, Cogent Communications Holdings Inc shares have dropped approximately -15.11%. Shares of the company reached a 52-week high of $86.00 on 02/29/24 and a 52-week low of $61.58 on 03/20/24. A 50-day SMA is recorded $70.77, while a 200-day SMA reached $68.14. Nevertheless, trading volume fell to 0.54 million shares from 0.41 million shares the previous day.
Support And Resistance Levels for Cogent Communications Holdings Inc (CCOI)
According to the 24-hour chart, there is a support level at 63.88, which, if violated, would cause prices to drop to 63.19. In the upper region, resistance lies at 65.00. The next price resistance is at 65.43. RSI (Relative Strength Index) is 42.69 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.81, which suggests the price will decrease in the coming days. Percent R is at 33.67%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Cogent Communications Holdings Inc subject to short interest?
Stocks of Cogent Communications Holdings Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.92 million shares to 3.13 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 2.21 million shares. A jump of 29.39% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.23 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.23.
