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Taking a look at what insiders are doing to gauge the Macy’s Inc (M)’s direction

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Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Macy’s Inc shares valued at $591,422 were sold by Gennette Jeffrey on Apr 01 ’24. At $19.66 per share, Gennette Jeffrey sold 30,090 shares. The insider’s holdings dropped to 1,073,699 shares worth approximately $19.49 million following the completion of this transaction.

Also, Spring Antony sold 14,859 shares, netting a total of over 291,743 in proceeds. Following the sale of shares at $19.63 each, the insider now holds 248,897 shares.

Before that, Mitchell Adrian V had sold 13,279 shares from its account. In a trade valued at $260,716, the EVP, COO & CFO traded Macy’s Inc shares for $19.63 each. Upon closing the transaction, the insider’s holdings decreased to 13,279 shares, worth approximately $2.19 million.

As published in a research note from TD Cowen on February 29, 2024, Macy’s Inc [M] has been rated down from an Outperform to a Market perform and the price target has been revised to $20 from $23. Analysts at Telsey Advisory Group resumed the stock at ‘”a Market perform”‘ outlook in a report released in late February. As of February 02, 2024, Citigroup has increased its “Sell” rating to a “Neutral” for M. Earlier on December 12, 2023, Citigroup downgraded its rating. Their new recommendation was “a Sell” for M stock which previously was a “a Neutral”.

Analyzing M Stock Performance

During the last five days, there has been a drop of approximately -3.10%. Over the course of the year, Macy’s Inc shares have dropped approximately -9.79%. Shares of the company reached a 52-week high of $22.10 on 03/19/24 and a 52-week low of $17.11 on 02/29/24. A 50-day SMA is recorded $19.55, while a 200-day SMA reached $16.24. Nevertheless, trading volume fell to 4.46 million shares from 3.32 million shares the previous day.

Support And Resistance Levels for Macy’s Inc (M)

According to the 24-hour chart, there is a support level at 17.93, which, if violated, would cause prices to drop to 17.70. In the upper region, resistance lies at 18.46. The next price resistance is at 18.77. RSI (Relative Strength Index) is 38.88 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.35, which suggests the price will decrease in the coming days. Percent R is at 92.50%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

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