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. Qualcomm, Inc. shares valued at $520,480 were sold by Palkhiwala Akash J. on Apr 04 ’24. At $173.49 per share, Palkhiwala Akash J. sold 3,000 shares. The insider’s holdings dropped to 69,343 shares worth approximately $12.14 million following the completion of this transaction.
Also, THOMPSON JAMES H sold 8,000 shares, netting a total of over 1,346,160 in proceeds. Following the sale of shares at $168.27 each, the insider now holds 261,893 shares.
Before that, AMON CRISTIANO R had sold 8,100 shares from its account. In a trade valued at $1,373,760, the President & CEO traded Qualcomm, Inc. shares for $169.60 each. Upon closing the transaction, the insider’s holdings decreased to 8,100 shares, worth approximately $2.84 million.
As published in a research note from TD Cowen on February 01, 2024, Qualcomm, Inc. [QCOM] has been retained to an Outperform and the price target has been revised to $170. Analysts at Citigroup downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in early February. As of January 23, 2024, Cantor Fitzgerald has initiated its “Neutral” rating for QCOM. Earlier on January 12, 2024, Citigroup upgraded its rating. Their new recommendation was “a Buy” for QCOM stock which previously was a “a Neutral”.
Analyzing QCOM Stock Performance
During the last five days, there has been a surge of approximately 3.16%. Over the course of the year, Qualcomm, Inc. shares have jumped approximately 21.09%. Shares of the company reached a 52-week high of $177.59 on 03/07/24 and a 52-week low of $134.94 on 01/04/24. A 50-day SMA is recorded $161.86, while a 200-day SMA reached $132.83. Nevertheless, trading volume fell to 6.26 million shares from 6.18 million shares the previous day.
Support And Resistance Levels for Qualcomm, Inc. (QCOM)
According to the 24-hour chart, there is a support level at 171.88, which, if violated, would cause prices to drop to 168.63. In the upper region, resistance lies at 177.00. The next price resistance is at 178.88. RSI (Relative Strength Index) is 59.88 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.69, which suggests the price will increase in the coming days. Percent R is at 9.53%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Qualcomm, Inc. subject to short interest?
Stocks of Qualcomm, Inc. saw a sharp rise in short interest on Mar 28, 2024 jumping by 2.19 million shares to 19.41 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 17.22 million shares. A jump of 11.28% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.27 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.27.
