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Citigroup analysts downgrades a Sell rating for Molson Coors Beverage Company (TAP)

In a filing, Molson Coors Beverage Company revealed its Chief Financial Officer Joubert Tracey unloaded Company’s shares for reported $0.17 million on Feb 12 ’24. In the deal valued at $60.37 per share,2,771 shares were sold. As a result of this transaction, Joubert Tracey now holds 60,538 shares worth roughly $3.21 million.

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Then, Winnefeld James A Jr bought 100 shares, generating $5,902 in total proceeds. Upon buying the shares at $59.02, the Director now owns 16,093 shares.

Before that, Winnefeld James A Jr bought 100 shares. Molson Coors Beverage Company shares valued at $6,708 were divested by the Director at a price of $67.08 per share. As a result of the transaction, Winnefeld James A Jr now holds 15,993 shares, worth roughly $0.85 million.

Citigroup downgraded its Molson Coors Beverage Company [TAP] rating to a Sell from a a Neutral in a research note published on April 24, 2024; the price target was decreased to $56 from $66. A number of analysts have revised their coverage, including Goldman’s analysts, who increased its forecast for the stock in early April from “a Neutral” to “a Buy”. Piper Sandler began covering TAP with “Neutral” recommendation on March 22, 2024. HSBC Securities started covering the stock on November 30, 2023. It rated TAP as “a Hold”.

Price Performance Review of TAP

On Tuesday, Molson Coors Beverage Company [NYSE:TAP] saw its stock fall -0.94% to $52.95. Over the last five days, the stock has lost -0.02%. Molson Coors Beverage Company shares have fallen nearly -13.49% since the year began. Nevertheless, the stocks have fallen -17.10% over the past one year. While a 52-week high of $70.90 was reached on 04/09/24, a 52-week low of $52.60 was recorded on 05/29/24. SMA at 50 days reached $60.92, while 200 days put it at $61.65. A total of 2.14 million shares were traded, compared to the trading of 3.1 million shares in the previous session.

Levels Of Support And Resistance For TAP Stock

The 24-hour chart illustrates a support level at 52.77, which if violated will result in even more drops to 52.58. On the upside, there is a resistance level at 53.24. A further resistance level may holdings at 53.52. The Relative Strength Index (RSI) on the 14-day chart is 29.95, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.79, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 93.96%. Stochastics %K at 17.34% indicates the stock is a buying.

The most recent change occurred on November 13, 2023 when Jefferies began covering the stock and recommended ‘”a Hold”‘ rating along with a $62 price target.

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