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. Centene Corp. shares valued at $774,100 were sold by Robinson Lori Jean on Feb 13 ’24. At $77.41 per share, Robinson Lori Jean sold 10,000 shares. The insider’s holdings dropped to 11,455 shares worth approximately $0.83 million following the completion of this transaction.
Also, FASOLA KENNETH J sold 12,000 shares, netting a total of over 900,817 in proceeds. Following the sale of shares at $75.07 each, the insider now holds 235,365 shares.
Before that, Robinson Lori Jean had sold 1,400 shares from its account. In a trade valued at $93,226, the Director traded Centene Corp. shares for $66.59 each. Upon closing the transaction, the insider’s holdings decreased to 1,400 shares, worth approximately $0.61 million.
As published in a research note from Stephens on March 21, 2024, Centene Corp. [CNC] has been rated down from an Overweight to an Equal-weight and the price target has been revised to $85 from $92. Analysts at Barclays started covering the stock with ‘”an Overweight”‘ outlook in a report released in early March. As of January 02, 2024, Wells Fargo has increased its “an Equal weight” rating to a “an Overweight” for CNC. Earlier on September 05, 2023, BofA Securities upgraded its rating. Their new recommendation was “a Neutral” for CNC stock which previously was a “an Underperform”.
Analyzing CNC Stock Performance
During the last five days, there has been a drop of approximately -1.08%. Over the course of the year, Centene Corp. shares have dropped approximately -2.64%. Shares of the company reached a 52-week high of $81.42 on 02/26/24 and a 52-week low of $71.24 on 04/05/24. A 50-day SMA is recorded $76.83, while a 200-day SMA reached $71.83. Nevertheless, trading volume fell to 2.56 million shares from 2.42 million shares the previous day.
Support And Resistance Levels for Centene Corp. (CNC)
According to the 24-hour chart, there is a support level at 71.78, which, if violated, would cause prices to drop to 71.30. In the upper region, resistance lies at 72.74. The next price resistance is at 73.22. RSI (Relative Strength Index) is 34.64 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.47, which suggests the price will decrease in the coming days. Percent R is at 86.81%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Centene Corp. subject to short interest?
Stocks of Centene Corp. saw a sharp steep in short interest on Mar 28, 2024 dropping by -0.64 million shares to 8.2 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 8.84 million shares. A decline of -7.8% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.58 of the overall float, the days-to-cover ratio (short ratio) decline to 2.58.
