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. Avnet Inc. shares valued at $1,008,437 were sold by GALLAGHER PHILIP R on May 10 ’24. At $51.63 per share, GALLAGHER PHILIP R sold 19,532 shares. The insider’s holdings dropped to 140,792 shares worth approximately $7.71 million following the completion of this transaction.
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Also, Obregon-Jimenez Rebeca sold 2,210 shares, netting a total of over 101,748 in proceeds. Following the sale of shares at $46.04 each, the insider now holds 14,281 shares.
Before that, LAWRENCE JAMES A had sold 8,190 shares from its account. In a trade valued at $387,387, the Director traded Avnet Inc. shares for $47.30 each. Upon closing the transaction, the insider’s holdings decreased to 8,190 shares, worth approximately $0.0.
As published in a research note from Wells Fargo on September 16, 2022, Avnet Inc. [AVT] has been rated down from an Equal weight to an Underweight and the price target has been revised to $35 from $45. Analysts at JP Morgan started covering the stock with ‘”an Underweight”‘ outlook in a report released in mid July. As of October 07, 2021, BofA Securities has reiterated its “Neutral” rating for AVT. Earlier on April 30, 2021, Loop Capital upgraded its rating. Their new recommendation was “a Buy” for AVT stock which previously was a “a Hold”.
Analyzing AVT Stock Performance
During the last five days, there has been a surge of approximately 2.51%. Over the course of the year, Avnet Inc. shares have jumped approximately 8.71%. Shares of the company reached a 52-week high of $54.96 on 05/22/24 and a 52-week low of $43.62 on 02/08/24. A 50-day SMA is recorded $49.37, while a 200-day SMA reached $47.89. Nevertheless, trading volume fell to 0.87 million shares from 0.69 million shares the previous day.
Support And Resistance Levels for Avnet Inc. (AVT)
According to the 24-hour chart, there is a support level at 54.17, which, if violated, would cause prices to drop to 53.55. In the upper region, resistance lies at 55.18. The next price resistance is at 55.58. RSI (Relative Strength Index) is 75.27 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.78, which suggests the price will increase in the coming days. Percent R is at 2.64%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
