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. Gannett Co Inc. shares valued at $370,000 were purchased by Tarica Laurence on Nov 16 ’23. At $1.85 per share, Tarica Laurence acquired 200,000 shares. The insider’s holdings grew to 1,008,799 shares worth approximately $2.43 million following the completion of this transaction.
Also, Reed Michael purchased 60,000 shares, netting a total of over 120,600 in proceeds. Following the buying of shares at $2.01 each, the insider now holds 3,304,323 shares.
Before that, Reed Michael had added 80,000 shares to its account. In a trade valued at $263,200, the Chief Executive Officer bought Gannett Co Inc. shares for $3.29 each. Upon closing the transaction, the insider’s holdings increased to 80,000 shares, worth approximately $7.82 million.
As published in their initiating research note from Compass Point on December 12, 2023, Gannett Co Inc. [GCI] has been a Buy and the price target has been revised to $5. As of April 06, 2020, Citigroup has decreased its “Buy” rating to a “Sell” for GCI. Earlier on July 06, 2018, JP Morgan downgraded its rating. Their new recommendation was “an Underweight” for GCI stock which previously was a “a Neutral”.
Analyzing GCI Stock Performance
During the last five days, there has been a surge of approximately 2.55%. Over the course of the year, Gannett Co Inc. shares have jumped approximately 4.78%. Shares of the company reached a 52-week high of $2.63 on 01/26/24 and a 52-week low of $1.95 on 03/05/24. A 50-day SMA is recorded $2.22, while a 200-day SMA reached $2.41. Nevertheless, trading volume fell to 0.54 million shares from 0.98 million shares the previous day.
Support And Resistance Levels for Gannett Co Inc. (GCI)
According to the 24-hour chart, there is a support level at 2.34, which, if violated, would cause prices to drop to 2.27. In the upper region, resistance lies at 2.46. The next price resistance is at 2.51. RSI (Relative Strength Index) is 59.65 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.07, which suggests the price will decrease in the coming days. Percent R is at 35.71%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Gannett Co Inc. subject to short interest?
Stocks of Gannett Co Inc. saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.86 million shares to 16.12 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 15.26 million shares. A jump of 5.33% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 22.16 of the overall float, the days-to-cover ratio (short ratio) jumped to 22.16.
