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Taking a look at what insiders are doing to gauge the Core & Main Inc (CNM)’s direction

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Core & Main Inc shares valued at $2,975,005 were sold by Witkowski Mark R on May 08 ’24. At $59.50 per share, Witkowski Mark R sold 50,000 shares. The insider’s holdings dropped to 23,898 shares worth approximately $1.48 million following the completion of this transaction.

Also, Stephens John Weldon sold 9,497 shares, netting a total of over 524,128 in proceeds. Following the sale of shares at $55.19 each, the insider now holds 4,281 shares.

Before that, Whittenburg Mark G had sold 50,000 shares from its account. In a trade valued at $2,704,170, the General Counsel and Secretary traded Core & Main Inc shares for $54.08 each. Upon closing the transaction, the insider’s holdings decreased to 50,000 shares, worth approximately $0.8 million.

As published in a research note from Citigroup on April 05, 2024, Core & Main Inc [CNM] has been rated down from a Buy to a Neutral and the price target has been revised to $64 from $63. Analysts at Citigroup upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in early January. As of October 12, 2023, Wolfe Research has increased its “Peer perform” rating to a “an Outperform” for CNM. Earlier on June 13, 2023, Northcoast initiated its rating. Their recommendation was “a Buy” for CNM stock.

Analyzing CNM Stock Performance

During the last five days, there has been a surge of approximately 4.04%. Over the course of the year, Core & Main Inc shares have jumped approximately 53.50%. Shares of the company reached a 52-week high of $62.09 on 05/15/24 and a 52-week low of $38.51 on 01/04/24. A 50-day SMA is recorded $56.06, while a 200-day SMA reached $40.72. Nevertheless, trading volume fell to 1.64 million shares from 1.38 million shares the previous day.

Support And Resistance Levels for Core & Main Inc (CNM)

According to the 24-hour chart, there is a support level at 60.78, which, if violated, would cause prices to drop to 59.52. In the upper region, resistance lies at 62.69. The next price resistance is at 63.34. RSI (Relative Strength Index) is 73.41 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.47, which suggests the price will increase in the coming days. Percent R is at 0.99%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

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