Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. SLM Corp. shares valued at $1,949,023 were sold by Boyles Jonathan on Feb 29 ’24. At $20.72 per share, Boyles Jonathan sold 94,078 shares. The insider’s holdings dropped to 52,751 shares worth approximately $1.11 million following the completion of this transaction.
Also, VIEIRA DONNA F sold 12,308 shares, netting a total of over 249,484 in proceeds. Following the sale of shares at $20.27 each, the insider now holds 126,500 shares.
Before that, Jafarieh Nicolas had sold 7,500 shares from its account. In a trade valued at $120,864, the EVP -Legal, Govt, Comm Officer traded SLM Corp. shares for $16.12 each. Upon closing the transaction, the insider’s holdings decreased to 7,500 shares, worth approximately $3.42 million.
As published in a research note from Citigroup on January 16, 2024, SLM Corp. [SLM] has been rated up from a Neutral to a Buy and the price target has been revised to $23 from $14. Analysts at Deutsche Bank started covering the stock with ‘”a Buy”‘ outlook in a report released in early January. As of January 04, 2024, JP Morgan has decreased its “an Overweight” rating to a “Neutral” for SLM. Earlier on December 08, 2023, Wells Fargo upgraded its rating. Their new recommendation was “an Overweight” for SLM stock which previously was a “an Equal weight”.
Analyzing SLM Stock Performance
During the last five days, there has been a drop of approximately -0.28%. Over the course of the year, SLM Corp. shares have jumped approximately 9.83%. Shares of the company reached a 52-week high of $21.94 on 03/28/24 and a 52-week low of $18.04 on 01/09/24. A 50-day SMA is recorded $20.54, while a 200-day SMA reached $16.86. Nevertheless, trading volume fell to 0.84 million shares from 1.02 million shares the previous day.
Support And Resistance Levels for SLM Corp. (SLM)
According to the 24-hour chart, there is a support level at 20.83, which, if violated, would cause prices to drop to 20.66. In the upper region, resistance lies at 21.13. The next price resistance is at 21.26. RSI (Relative Strength Index) is 50.20 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.23, which suggests the price will decrease in the coming days. Percent R is at 72.36%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is SLM Corp. subject to short interest?
Stocks of SLM Corp. saw a sharp rise in short interest on Mar 28, 2024 jumping by 1.78 million shares to 12.48 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 10.7 million shares. A jump of 14.26% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.81 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.81.
