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A company insider recently sold 1,000 shares of Progressive Corp. [PGR]. Should You Sale?

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. Progressive Corp. shares valued at $208,326 were sold by Johnson Devin C on Apr 17 ’24. At $208.33 per share, Johnson Devin C sold 1,000 shares. The insider’s holdings dropped to 7,176 shares worth approximately $1.52 million following the completion of this transaction.

Also, Bailo Karen sold 8,464 shares, netting a total of over 1,603,843 in proceeds. Following the sale of shares at $189.49 each, the insider now holds 32,342 shares.

Before that, Callahan Patrick K had sold 29,675 shares from its account. In a trade valued at $5,645,966, the Personal Lines President traded Progressive Corp. shares for $190.26 each. Upon closing the transaction, the insider’s holdings decreased to 29,675 shares, worth approximately $3.22 million.

As published in a research note from Morgan Stanley on March 06, 2024, Progressive Corp. [PGR] has been rated up from an Equal-weight to an Overweight and the price target has been revised to $227 from $185. Analysts at TD Cowen started covering the stock with ‘”a Market perform”‘ outlook in a report released in early January. As of December 28, 2023, HSBC Securities has initiated its “Hold” rating for PGR. Earlier on December 18, 2023, Wells Fargo upgraded its rating. Their new recommendation was “an Overweight” for PGR stock which previously was a “an Equal weight”.

Analyzing PGR Stock Performance

During the last five days, there has been a drop of approximately -0.19%. Over the course of the year, Progressive Corp. shares have jumped approximately 33.56%. Shares of the company reached a 52-week high of $216.21 on 04/22/24 and a 52-week low of $159.34 on 01/02/24. A 50-day SMA is recorded $203.27, while a 200-day SMA reached $165.02. Nevertheless, trading volume fell to 2.36 million shares from 3.58 million shares the previous day.

Support And Resistance Levels for Progressive Corp. (PGR)

According to the 24-hour chart, there is a support level at 208.94, which, if violated, would cause prices to drop to 206.08. In the upper region, resistance lies at 214.20. The next price resistance is at 216.60. RSI (Relative Strength Index) is 58.68 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.84, which suggests the price will decrease in the coming days. Percent R is at 34.05%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

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