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. Alcoa Corp shares valued at $814,582 were sold by Jones Tammi A on Mar 13 ’24. At $30.78 per share, Jones Tammi A sold 26,468 shares. The insider’s holdings dropped to 41,166 shares worth approximately $1.49 million following the completion of this transaction.
Also, Jones Tammi A sold 1,440 shares, netting a total of over 44,165 in proceeds. Following the sale of shares at $30.67 each, the insider now holds 9,265 shares.
As published in their initiating research note from UBS on January 16, 2024, Alcoa Corp [AA] has been a Sell and the price target has been revised to $29. Analysts at HSBC Securities started covering the stock with ‘”a Hold”‘ outlook in a report released in early December. As of October 23, 2023, BofA Securities has decreased its “Buy” rating to a “Neutral” for AA. Earlier on July 24, 2023, Argus downgraded its rating. Their new recommendation was “a Hold” for AA stock which previously was a “a Buy”.
Analyzing AA Stock Performance
During the last five days, there has been a surge of approximately 0.78%. Over the course of the year, Alcoa Corp shares have jumped approximately 6.56%. Shares of the company reached a 52-week high of $37.67 on 04/04/24 and a 52-week low of $24.86 on 02/26/24. A 50-day SMA is recorded $30.14, while a 200-day SMA reached $29.62. Nevertheless, trading volume fell to 4.2 million shares from 5.44 million shares the previous day.
Support And Resistance Levels for Alcoa Corp (AA)
According to the 24-hour chart, there is a support level at 35.76, which, if violated, would cause prices to drop to 35.28. In the upper region, resistance lies at 36.70. The next price resistance is at 37.16. RSI (Relative Strength Index) is 67.21 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.65, which suggests the price will increase in the coming days. Percent R is at 21.08%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Alcoa Corp subject to short interest?
Stocks of Alcoa Corp saw a sharp rise in short interest on Mar 15, 2024 jumping by 1.96 million shares to 13.18 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 11.22 million shares. A jump of 14.87% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.14 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.14.
