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A company insider recently sold 6,695 shares of OFG Bancorp [OFG]. Should You Sale?

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. OFG Bancorp shares valued at $253,931 were sold by Kumar Ganesh on May 08 ’24. At $37.93 per share, Kumar Ganesh sold 6,695 shares. The insider’s holdings dropped to 76,578 shares worth approximately $2.85 million following the completion of this transaction.

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Also, Kumar Ganesh sold 8,062 shares, netting a total of over 306,651 in proceeds. Following the sale of shares at $38.04 each, the insider now holds 83,273 shares.

Before that, Kumar Ganesh had sold 20,074 shares from its account. In a trade valued at $762,902, the Chief Strategy Officer, US traded OFG Bancorp shares for $38.00 each. Upon closing the transaction, the insider’s holdings decreased to 20,074 shares, worth approximately $3.4 million.

Analysts at Hovde Group started covering the stock with ‘”an Outperform”‘ outlook in a report released in mid December. As of November 09, 2021, Wells Fargo has initiated its “an Overweight” rating for OFG. Earlier on July 16, 2018, Piper Jaffray upgraded its rating. Their new recommendation was “an Overweight” for OFG stock which previously was a “a Neutral”.

Analyzing OFG Stock Performance

During the last five days, there has been a surge of approximately 1.14%. Over the course of the year, OFG Bancorp shares have dropped approximately -0.72%. Shares of the company reached a 52-week high of $39.04 on 02/01/24 and a 52-week low of $33.19 on 04/19/24. A 50-day SMA is recorded $36.97, while a 200-day SMA reached $34.91. Nevertheless, trading volume fell to 94588.0 shares from 0.21 million shares the previous day.

Support And Resistance Levels for OFG Bancorp (OFG)

According to the 24-hour chart, there is a support level at 36.92, which, if violated, would cause prices to drop to 36.64. In the upper region, resistance lies at 37.68. The next price resistance is at 38.16. RSI (Relative Strength Index) is 53.08 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.74, which suggests the price will decrease in the coming days. Percent R is at 38.53%, indicating low price movement. Stochastics%K at selling indicates that the stock is to be held.

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