Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Align Technology, Inc. shares valued at $4,548,308 were sold by LACOB JOSEPH on Feb 29 ’24. At $303.22 per share, LACOB JOSEPH sold 15,000 shares. The insider’s holdings dropped to 131,994 shares worth approximately $42.88 million following the completion of this transaction.
Also, LACOB JOSEPH sold 10,000 shares, netting a total of over 3,130,075 in proceeds. Following the sale of shares at $313.01 each, the insider now holds 146,994 shares.
Before that, Wright Emory had sold 2,524 shares from its account. In a trade valued at $725,533, the EVP, GLOBAL OPERATIONS traded Align Technology, Inc. shares for $287.45 each. Upon closing the transaction, the insider’s holdings decreased to 2,524 shares, worth approximately $0.23 million.
As published in their initiating research note from Leerink Partners on February 26, 2024, Align Technology, Inc. [ALGN] has been a Market perform and the price target has been revised to $310. Analysts at Goldman downgraded the stock from ‘”a Neutral”‘ to ‘”a Sell”‘ outlook in a report released in mid December. As of October 27, 2023, UBS has decreased its “Buy” rating to a “Neutral” for ALGN. Earlier on February 02, 2023, Goldman upgraded its rating. Their new recommendation was “a Neutral” for ALGN stock which previously was a “a Sell”.
Analyzing ALGN Stock Performance
During the last five days, there has been a surge of approximately 3.16%. Over the course of the year, Align Technology, Inc. shares have jumped approximately 18.58%. Shares of the company reached a 52-week high of $335.40 on 03/21/24 and a 52-week low of $250.28 on 01/03/24. A 50-day SMA is recorded $308.64, while a 200-day SMA reached $294.30. Nevertheless, trading volume fell to 0.52 million shares from 0.6 million shares the previous day.
Support And Resistance Levels for Align Technology, Inc. (ALGN)
According to the 24-hour chart, there is a support level at 319.09, which, if violated, would cause prices to drop to 313.28. In the upper region, resistance lies at 331.17. The next price resistance is at 337.45. RSI (Relative Strength Index) is 57.11 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 6.81, which suggests the price will increase in the coming days. Percent R is at 21.83%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Align Technology, Inc. subject to short interest?
Stocks of Align Technology, Inc. saw a sharp steep in short interest on Mar 28, 2024 dropping by -0.24 million shares to 1.41 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 1.65 million shares. A decline of -17.02% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.81 of the overall float, the days-to-cover ratio (short ratio) decline to 2.81.
