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BofA Securities downgrades Cogent Communications Holdings Inc (CCOI) stock to a Neutral

Cogent Communications Holdings Inc’s filing revealed that its CHAIRMAN, CEO, AND PRESIDENT SCHAEFFER DAVE unloaded Company’s shares for reported $1.68 million on Mar 15 ’24. In the deal valued at $64.21 per share,26,174 shares were sold. As a result of this transaction, SCHAEFFER DAVE now holds 4,653,203 shares worth roughly $298.64 million.

Then, SCHAEFFER DAVE sold 30,000 shares, generating $2,025,600 in total proceeds. Upon selling the shares at $67.52, the CHAIRMAN, CEO, AND PRESIDENT now owns 4,679,377 shares.

Before that, SCHAEFFER DAVE sold 8,826 shares. Cogent Communications Holdings Inc shares valued at $640,326 were divested by the CHAIRMAN, CEO, AND PRESIDENT at a price of $72.55 per share. As a result of the transaction, SCHAEFFER DAVE now holds 4,815,764 shares, worth roughly $309.08 million.

BofA Securities downgraded its Cogent Communications Holdings Inc [CCOI] rating to a Neutral from a a Buy in a research note published recently. A number of analysts have revised their coverage, including Goldman’s analysts, who increased its forecast for the stock in late August from “a Sell” to “a Neutral”. TD Cowen also remained covering CCOI and has increased its forecast on August 11, 2023 with a “an Outperform” recommendation from previously “Market perform” rating. JP Morgan revised its rating on May 08, 2023. It rated CCOI as “a Neutral” which previously was an “an Overweight”.

Price Performance Review of CCOI

On Tuesday, Cogent Communications Holdings Inc [NASDAQ:CCOI] saw its stock fall -2.74% to $64.18. Over the last five days, the stock has lost -0.22%. Cogent Communications Holdings Inc shares have fallen nearly -15.62% since the year began. Nevertheless, the stocks have fallen -7.04% over the past one year. While a 52-week high of $86.00 was reached on 02/29/24, a 52-week low of $57.35 was recorded on 03/20/24. SMA at 50 days reached $67.48, while 200 days put it at $68.02. A total of 0.32 million shares were traded, compared to the trading of 0.35 million shares in the previous session.

Levels Of Support And Resistance For CCOI Stock

The 24-hour chart illustrates a support level at 63.20, which if violated will result in even more drops to 62.22. On the upside, there is a resistance level at 65.51. A further resistance level may holdings at 66.84. The Relative Strength Index (RSI) on the 14-day chart is 46.05, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.23, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 47.25%. Stochastics %K at 79.79% indicates the stock is a holding.

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