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. Best Buy Co. Inc. shares valued at $204,350 were sold by Watson Mathew on Jun 06 ’24. At $88.12 per share, Watson Mathew sold 2,319 shares. The insider’s holdings dropped to 20,279 shares worth approximately $1.71 million following the completion of this transaction.
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Also, SCHULZE RICHARD M sold 1,000,000 shares, netting a total of over 85,846,747 in proceeds. Following the sale of shares at $85.85 each, the insider now holds 15,890,103 shares.
Before that, Watson Mathew had sold 2,000 shares from its account. In a trade valued at $171,628, the SVP, Controller & CAO traded Best Buy Co. Inc. shares for $85.81 each. Upon closing the transaction, the insider’s holdings decreased to 2,000 shares, worth approximately $1.71 million.
As published in a research note from UBS on June 17, 2024, Best Buy Co. Inc. [BBY] has been rated up from a Neutral to a Buy and the price target has been revised to $106 from $85. Analysts at Citigroup upgraded the stock from ‘”a Sell”‘ to ‘”a Buy”‘ outlook in a report released in early June. As of May 23, 2024, Telsey Advisory Group has decreased its “an Outperform” rating to a “Market perform” for BBY. Earlier on April 08, 2024, Jefferies resumed its rating. Their recommendation was “a Buy” for BBY stock.
Analyzing BBY Stock Performance
During the last five days, there has been a drop of approximately -10.01%. Over the course of the year, Best Buy Co. Inc. shares have jumped approximately 7.64%. Shares of the company reached a 52-week high of $93.72 on 06/18/24 and a 52-week low of $69.29 on 05/23/24. A 50-day SMA is recorded $79.13, while a 200-day SMA reached $74.86. Nevertheless, trading volume fell to 3.65 million shares from 3.94 million shares the previous day.
Support And Resistance Levels for Best Buy Co. Inc. (BBY)
According to the 24-hour chart, there is a support level at 83.33, which, if violated, would cause prices to drop to 82.39. In the upper region, resistance lies at 85.79. The next price resistance is at 87.31. RSI (Relative Strength Index) is 49.07 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.83, which suggests the price will decrease in the coming days. Percent R is at 96.53%, indicating bearish price movement. Stochastics%K at holding indicates that the stock is to be held.
