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Selling Buzz: Macerich Co. [MAC] Director COPPOLA EDWARD C sells 75,000 shares of the company

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Macerich Co. shares valued at $1,289,250 were sold by COPPOLA EDWARD C on Mar 28 ’24. At $17.19 per share, COPPOLA EDWARD C sold 75,000 shares. The insider’s holdings dropped to 560,667 shares worth approximately $7.55 million following the completion of this transaction.

Also, COPPOLA EDWARD C sold 20,000 shares, netting a total of over 340,200 in proceeds. Following the sale of shares at $17.01 each, the insider now holds 635,667 shares.

Before that, O HERN THOMAS E had sold 95,000 shares from its account. In a trade valued at $1,609,300, the Director traded Macerich Co. shares for $16.94 each. Upon closing the transaction, the insider’s holdings decreased to 95,000 shares, worth approximately $1.39 million.

As published in a research note from Piper Sandler on May 01, 2024, Macerich Co. [MAC] has been rated down from a Neutral to an Underweight and the price target has been revised to $11 from $17. Analysts at Citigroup upgraded the stock from ‘”a Sell”‘ to ‘”a Neutral”‘ outlook in a report released in late March. As of October 02, 2023, Piper Sandler has increased its “an Underweight” rating to a “Neutral” for MAC.

Analyzing MAC Stock Performance

During the last five days, there has been a drop of approximately -13.94%. Over the course of the year, Macerich Co. shares have dropped approximately -12.77%. Shares of the company reached a 52-week high of $17.69 on 02/16/24 and a 52-week low of $12.99 on 05/01/24. A 50-day SMA is recorded $16.16, while a 200-day SMA reached $13.71. Nevertheless, trading volume fell to 4.95 million shares from 7.39 million shares the previous day.

Support And Resistance Levels for Macerich Co. (MAC)

According to the 24-hour chart, there is a support level at 13.04, which, if violated, would cause prices to drop to 12.62. In the upper region, resistance lies at 13.83. The next price resistance is at 14.20. RSI (Relative Strength Index) is 30.09 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.98, which suggests the price will decrease in the coming days. Percent R is at 86.18%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

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