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. Tanger Inc. shares valued at $87,810 were sold by Guerrieri Thomas Joseph JR on Mar 12 ’24. At $29.27 per share, Guerrieri Thomas Joseph JR sold 3,000 shares. The insider’s holdings dropped to 63,782 shares worth approximately $1.77 million following the completion of this transaction.
Also, REDDIN THOMAS sold 5,000 shares, netting a total of over 145,000 in proceeds. Following the sale of shares at $29.00 each, the insider now holds 46,602 shares.
Before that, TANGER STEVEN B had sold 150,000 shares from its account. In a trade valued at $3,937,500, the Executive Chair of the Board traded Tanger Inc. shares for $26.25 each. Upon closing the transaction, the insider’s holdings decreased to 150,000 shares, worth approximately $25.05 million.
As published in a research note from Compass Point on May 02, 2024, Tanger Inc. [SKT] has been rated up from a Neutral to a Buy and the price target has been revised to $32 from $31. Analysts at BofA Securities upgraded the stock from ‘”an Underperform”‘ to ‘”a Neutral”‘ outlook in a report released in early April. As of March 22, 2024, Citigroup has increased its “Neutral” rating to a “Buy” for SKT. Earlier on December 18, 2023, JP Morgan upgraded its rating. Their new recommendation was “an Overweight” for SKT stock which previously was a “a Neutral”.
Analyzing SKT Stock Performance
During the last five days, there has been a drop of approximately -0.79%. Over the course of the year, Tanger Inc. shares have jumped approximately 0.18%. Shares of the company reached a 52-week high of $29.98 on 03/04/24 and a 52-week low of $25.67 on 02/05/24. A 50-day SMA is recorded $28.28, while a 200-day SMA reached $25.90. Nevertheless, trading volume fell to 0.62 million shares from 1.04 million shares the previous day.
Support And Resistance Levels for Tanger Inc. (SKT)
According to the 24-hour chart, there is a support level at 27.61, which, if violated, would cause prices to drop to 27.44. In the upper region, resistance lies at 27.98. The next price resistance is at 28.18. RSI (Relative Strength Index) is 48.48 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.18, which suggests the price will decrease in the coming days. Percent R is at 53.68%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
