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. Garmin Ltd shares valued at $2,192,282 were sold by BURRELL JONATHAN on Mar 15 ’24. At $146.15 per share, BURRELL JONATHAN sold 15,000 shares. The insider’s holdings dropped to 623,834 shares worth approximately $91.13 million following the completion of this transaction.
Also, BURRELL JONATHAN sold 15,000 shares, netting a total of over 2,212,284 in proceeds. Following the sale of shares at $147.49 each, the insider now holds 638,834 shares.
Before that, BURRELL JONATHAN had sold 15,000 shares from its account. In a trade valued at $2,233,340, the Director traded Garmin Ltd shares for $148.89 each. Upon closing the transaction, the insider’s holdings decreased to 15,000 shares, worth approximately $95.51 million.
As published in a research note from JP Morgan on January 08, 2024, Garmin Ltd [GRMN] has been rated down from an Overweight to a Neutral and the price target has been revised to $135. As of April 19, 2023, KeyBanc Capital Markets has initiated its “Sector weight” rating for GRMN. Earlier on November 09, 2022, Barclays initiated its rating. Their recommendation was “an Equal weight” for GRMN stock.
Analyzing GRMN Stock Performance
During the last five days, there has been a surge of approximately 0.81%. Over the course of the year, Garmin Ltd shares have jumped approximately 13.65%. Shares of the company reached a 52-week high of $149.54 on 03/28/24 and a 52-week low of $119.15 on 02/01/24. A 50-day SMA is recorded $137.53, while a 200-day SMA reached $118.53. Nevertheless, trading volume fell to 0.51 million shares from 0.64 million shares the previous day.
Support And Resistance Levels for Garmin Ltd (GRMN)
According to the 24-hour chart, there is a support level at 145.60, which, if violated, would cause prices to drop to 145.11. In the upper region, resistance lies at 146.78. The next price resistance is at 147.47. RSI (Relative Strength Index) is 55.63 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.28, which suggests the price will decrease in the coming days. Percent R is at 73.62%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Garmin Ltd subject to short interest?
Stocks of Garmin Ltd saw a sharp rise in short interest on Mar 28, 2024 jumping by 0.66 million shares to 2.89 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 2.23 million shares. A jump of 22.84% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.47 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.47.
