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RS stock rated a Neutral by Citigroup

Reliance Inc.’s filing revealed that its Director HOFFMAN JAMES DONALD unloaded Company’s shares for reported $1.47 million on May 10 ’24. In the deal valued at $294.36 per share,5,000 shares were sold. As a result of this transaction, HOFFMAN JAMES DONALD now holds 34,042 shares worth roughly $9.89 million.

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Then, HOFFMAN JAMES DONALD sold 5,000 shares, generating $1,463,827 in total proceeds. Upon selling the shares at $292.77, the Director now owns 39,042 shares.

Before that, HOFFMAN JAMES DONALD sold 5,000 shares. Reliance Inc. shares valued at $1,450,193 were divested by the Director at a price of $290.04 per share. As a result of the transaction, HOFFMAN JAMES DONALD now holds 44,042 shares, worth roughly $12.8 million.

Citigroup downgraded its Reliance Inc. [RS] rating to a Neutral from a a Buy in a research note published recently. A number of analysts have revised their coverage, including Wolfe Research’s analysts, who decreased its forecast for the stock in late April from “an Outperform” to “a Peer perform”. Goldman revised its rating on October 06, 2022. It rated RS as “a Neutral” which previously was an “a Buy”.

Price Performance Review of RS

On Tuesday, Reliance Inc. [NYSE:RS] saw its stock fall -1.07% to $290.65. Over the last five days, the stock has lost -1.59%. Reliance Inc. shares have risen nearly 3.92% since the year began. Nevertheless, the stocks have risen 20.49% over the past one year. While a 52-week high of $342.20 was reached on 04/08/24, a 52-week low of $229.12 was recorded on 01/05/24. SMA at 50 days reached $316.75, while 200 days put it at $286.81. A total of 0.4 million shares were traded, compared to the trading of 0.24 million shares in the previous session.

Levels Of Support And Resistance For RS Stock

The 24-hour chart illustrates a support level at 288.30, which if violated will result in even more drops to 285.96. On the upside, there is a resistance level at 294.11. A further resistance level may holdings at 297.57. The Relative Strength Index (RSI) on the 14-day chart is 34.27, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.99, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 46.69%. Stochastics %K at 38.96% indicates the stock is a holding.

The most recent change occurred on August 15, 2022 when BMO Capital Markets began covering the stock and recommended ‘”an Outperform”‘ rating along with a $230 price target.

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