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. Dropbox Inc shares valued at $1,991,550 were sold by Houston Andrew on Apr 01 ’24. At $24.29 per share, Houston Andrew sold 82,000 shares. The insider’s holdings dropped to 0 shares worth approximately $0.0 following the completion of this transaction.
Also, Regan Timothy sold 9,905 shares, netting a total of over 240,951 in proceeds. Following the sale of shares at $24.33 each, the insider now holds 597,995 shares.
Before that, Regan Timothy had sold 3,000 shares from its account. In a trade valued at $73,074, the Chief Financial Officer traded Dropbox Inc shares for $24.36 each. Upon closing the transaction, the insider’s holdings decreased to 3,000 shares, worth approximately $9.36 million.
As published in a research note from JP Morgan on February 16, 2024, Dropbox Inc [DBX] has been rated down from an Overweight to a Neutral and the price target has been revised to $30 from $33. Analysts at JMP Securities downgraded the stock from ‘”a Mkt outperform”‘ to ‘”a Mkt perform”‘ outlook in a report released in mid February. As of February 16, 2024, Goldman has decreased its “Neutral” rating to a “Sell” for DBX. Earlier on February 16, 2024, BofA Securities downgraded its rating. Their new recommendation was “an Underperform” for DBX stock which previously was a “a Buy”.
Analyzing DBX Stock Performance
During the last five days, there has been a drop of approximately -0.51%. Over the course of the year, Dropbox Inc shares have dropped approximately -20.76%. Shares of the company reached a 52-week high of $33.43 on 02/09/24 and a 52-week low of $22.97 on 04/10/24. A 50-day SMA is recorded $26.18, while a 200-day SMA reached $27.48. Nevertheless, trading volume fell to 2.68 million shares from 2.5 million shares the previous day.
Support And Resistance Levels for Dropbox Inc (DBX)
According to the 24-hour chart, there is a support level at 23.09, which, if violated, would cause prices to drop to 22.82. In the upper region, resistance lies at 23.51. The next price resistance is at 23.66. RSI (Relative Strength Index) is 32.64 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.56, which suggests the price will decrease in the coming days. Percent R is at 77.97%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Dropbox Inc subject to short interest?
Stocks of Dropbox Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 2.74 million shares to 19.68 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 16.94 million shares. A jump of 13.92% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.09 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.09.
