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Checking in on Fabrinet (FN) after recent insiders movement

Fabrinet’s filing revealed that its Director KELLY THOMAS F unloaded Company’s shares for reported $2.22 million on Mar 07 ’24. In the deal valued at $222.17 per share,10,000 shares were sold. As a result of this transaction, KELLY THOMAS F now holds 20,814 shares worth roughly $4.64 million.

Then, Gill Harpal sold 21,464 shares, generating $4,625,492 in total proceeds. Upon selling the shares at $215.50, the PRESIDENT & COO now owns 24,689 shares.

Before that, Bahrami Homa sold 4,500 shares. Fabrinet shares valued at $911,088 were divested by the Director at a price of $202.46 per share. As a result of the transaction, Bahrami Homa now holds 20,921 shares, worth roughly $4.66 million.

Northland Capital upgraded its Fabrinet [FN] rating to an Outperform from a a Market perform in a research note published on March 21, 2024; the price target was increased to $220 from $200. A number of analysts have revised their coverage, including Northland Capital’s analysts, who decreased its forecast for the stock in early February from “an Outperform” to “a Market perform”. JP Morgan also remained covering FN and has decreased its forecast on January 08, 2024 with a “Neutral” recommendation from previously “an Overweight” rating. Rosenblatt started covering the stock on October 05, 2023. It rated FN as “a Buy”.

Price Performance Review of FN

On Friday, Fabrinet [NYSE:FN] saw its stock jump 2.17% to $222.73. Over the last five days, the stock has gained 24.28%. Fabrinet shares have risen nearly 17.02% since the year began. Nevertheless, the stocks have risen 141.26% over the past one year. While a 52-week high of $229.02 was reached on 02/05/24, a 52-week low of $90.19 was recorded on 04/19/24. SMA at 50 days reached $190.62, while 200 days put it at $175.24. A total of 0.52 million shares were traded, compared to the trading of 0.55 million shares in the previous session.

Levels Of Support And Resistance For FN Stock

The 24-hour chart illustrates a support level at 218.74, which if violated will result in even more drops to 214.76. On the upside, there is a resistance level at 225.06. A further resistance level may holdings at 227.39. The Relative Strength Index (RSI) on the 14-day chart is 78.36, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 30.88, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 1.16%. Stochastics %K at 95.07% indicates the stock is a selling.

The most recent change occurred on August 22, 2023 when Needham resumed its ‘”a Buy”‘ rating for the stock and retained the price target to $165.

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