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A company insider recently sold 250,552 shares of Enlink Midstream LLC [ENLC]. Should You Sale?

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Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Enlink Midstream LLC shares valued at $3,026,668 were sold by Lamb Benjamin D on Feb 28 ’24. At $12.08 per share, Lamb Benjamin D sold 250,552 shares. The insider’s holdings dropped to 534,000 shares worth approximately $7.21 million following the completion of this transaction.

Also, Rossbach Jan Philipp sold 50,000 shares, netting a total of over 616,000 in proceeds. Following the sale of shares at $12.32 each, the insider now holds 58,410 shares.

Before that, Brooks Alaina K had sold 35,023 shares from its account. In a trade valued at $420,276, the EVP, CL&AO, and Secretary traded Enlink Midstream LLC shares for $12.00 each. Upon closing the transaction, the insider’s holdings decreased to 35,023 shares, worth approximately $6.29 million.

As published in a research note from Citigroup on April 16, 2024, Enlink Midstream LLC [ENLC] has been retained to a Buy and the price target has been revised to $16. Analysts at CapitalOne started covering the stock with ‘”an Overweight”‘ outlook in a report released in late March. As of October 03, 2023, Pickering Energy Partners has initiated its “an Outperform” rating for ENLC. Earlier on June 26, 2023, UBS initiated its rating. Their recommendation was “a Buy” for ENLC stock.

Analyzing ENLC Stock Performance

During the last five days, there has been a surge of approximately 1.50%. Over the course of the year, Enlink Midstream LLC shares have jumped approximately 11.10%. Shares of the company reached a 52-week high of $14.18 on 04/04/24 and a 52-week low of $11.53 on 01/19/24. A 50-day SMA is recorded $13.36, while a 200-day SMA reached $12.60. Nevertheless, trading volume fell to 1.22 million shares from 0.8 million shares the previous day.

Support And Resistance Levels for Enlink Midstream LLC (ENLC)

According to the 24-hour chart, there is a support level at 13.30, which, if violated, would cause prices to drop to 13.08. In the upper region, resistance lies at 13.63. The next price resistance is at 13.74. RSI (Relative Strength Index) is 52.87 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.06, which suggests the price will decrease in the coming days. Percent R is at 35.20%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

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