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GRNT Shares Experience Decline in Value

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Granite Ridge Resources Inc shares valued at $2,855 were purchased by Miller Matthew Reade on Jun 17 ’24. At $5.91 per share, Miller Matthew Reade acquired 483 shares. The insider’s holdings grew to 675,058 shares worth approximately $4.27 million following the completion of this transaction.

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Also, Miller Matthew Reade purchased 8,500 shares, netting a total of over 50,150 in proceeds. Following the buying of shares at $5.90 each, the insider now holds 674,575 shares.

Before that, Darden Thaddeus had added 7,000 shares to its account. In a trade valued at $41,300, the Director bought Granite Ridge Resources Inc shares for $5.90 each. Upon closing the transaction, the insider’s holdings increased to 7,000 shares, worth approximately $1.4 million.

Analysts at ROTH MKM started covering the stock with ‘”a Buy”‘ outlook in a report released in mid May. As of November 07, 2023, BofA Securities has initiated its “Buy” rating for GRNT. Earlier on September 27, 2023, Stephens initiated its rating. Their recommendation was “an Overweight” for GRNT stock.

Analyzing GRNT Stock Performance

During the last five days, there has been a surge of approximately 4.12%. Over the course of the year, Granite Ridge Resources Inc shares have jumped approximately 4.98%. Shares of the company reached a 52-week high of $6.96 on 04/12/24 and a 52-week low of $5.20 on 01/19/24. A 50-day SMA is recorded $6.38, while a 200-day SMA reached $6.14. Nevertheless, trading volume fell to 0.23 million shares from 0.45 million shares the previous day.

Support And Resistance Levels for Granite Ridge Resources Inc (GRNT)

According to the 24-hour chart, there is a support level at 6.45, which, if violated, would cause prices to drop to 6.33. In the upper region, resistance lies at 6.64. The next price resistance is at 6.71. RSI (Relative Strength Index) is 52.25 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.31, which suggests the price will decrease in the coming days. Percent R is at 0.00%, indicating bullish price movement. Stochastics%K at selling indicates that the stock is to be held.

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