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Recent Insider Activity Suggests Potential Gains for Alcoa Corp (AA)

Alcoa Corp’s recent filing unveils that its EVP & CHRO Jones Tammi A unloaded Company’s shares for reported $0.81 million on Mar 13 ’24. In the deal valued at $30.78 per share,26,468 shares were sold. As a result of this transaction, Jones Tammi A now holds 41,166 shares worth roughly $1.55 million.

Then, Jones Tammi A sold 1,440 shares, generating $44,165 in total proceeds. Upon selling the shares at $30.67, the EVP & CHRO now owns 9,265 shares.

Morgan Stanley upgraded its Alcoa Corp [AA] rating to an Equal-weight from a an Underweight in a research note published on April 22, 2024; the price target was increased to $36.50 from $28.50. A number of analysts have revised their coverage, including UBS’s analysts, who began to cover the stock in mid January with a ‘”a Sell”‘ rating. HSBC Securities began covering AA with “Hold” recommendation on December 07, 2023. BofA Securities revised its rating on October 23, 2023. It rated AA as “a Neutral” which previously was an “a Buy”.

Price Performance Review of AA

On Monday, Alcoa Corp [NYSE:AA] saw its stock jump 2.09% to $37.65. Over the last five days, the stock has gained 3.58%. Alcoa Corp shares have risen nearly 10.74% since the year began. Nevertheless, the stocks have risen 3.80% over the past one year. While a 52-week high of $38.20 was reached on 04/29/24, a 52-week low of $23.07 was recorded on 02/26/24. SMA at 50 days reached $32.13, while 200 days put it at $29.74. A total of 5.74 million shares were traded, compared to the trading of 5.65 million shares in the previous session.

Levels Of Support And Resistance For AA Stock

The 24-hour chart illustrates a support level at 36.80, which if violated will result in even more drops to 35.95. On the upside, there is a resistance level at 38.35. A further resistance level may holdings at 39.05. The Relative Strength Index (RSI) on the 14-day chart is 67.52, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.70, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 12.61%. Stochastics %K at 70.02% indicates the stock is a holding.

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