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Insider Selling: LEVINSON FRANK H, Fabrinet [FN] Director divested 6,000 shares

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. Fabrinet shares valued at $1,450,272 were sold by LEVINSON FRANK H on May 24 ’24. At $241.71 per share, LEVINSON FRANK H sold 6,000 shares. The insider’s holdings dropped to 5,709 shares worth approximately $1.35 million following the completion of this transaction.

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Also, Olson Rollance E. sold 1,000 shares, netting a total of over 245,619 in proceeds. Following the sale of shares at $245.62 each, the insider now holds 24,981 shares.

Before that, KELLY THOMAS F had sold 10,000 shares from its account. In a trade valued at $2,221,684, the Director traded Fabrinet shares for $222.17 each. Upon closing the transaction, the insider’s holdings decreased to 10,000 shares, worth approximately $4.91 million.

As published in their initiating research note from Jefferies on June 26, 2024, Fabrinet [FN] has been a Hold and the price target has been revised to $230. Analysts at Northland Capital upgraded the stock from ‘”a Market perform”‘ to ‘”an Outperform”‘ outlook in a report released in late March. As of February 06, 2024, Northland Capital has decreased its “an Outperform” rating to a “Market perform” for FN. Earlier on January 08, 2024, JP Morgan downgraded its rating. Their new recommendation was “a Neutral” for FN stock which previously was a “an Overweight”.

Analyzing FN Stock Performance

During the last five days, there has been a drop of approximately -3.09%. Over the course of the year, Fabrinet shares have jumped approximately 23.90%. Shares of the company reached a 52-week high of $257.04 on 06/20/24 and a 52-week low of $159.69 on 04/19/24. A 50-day SMA is recorded $224.80, while a 200-day SMA reached $193.45. Nevertheless, trading volume fell to 0.22 million shares from 0.38 million shares the previous day.

Support And Resistance Levels for Fabrinet (FN)

According to the 24-hour chart, there is a support level at 238.98, which, if violated, would cause prices to drop to 237.00. In the upper region, resistance lies at 243.15. The next price resistance is at 245.33. RSI (Relative Strength Index) is 48.20 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.84, which suggests the price will decrease in the coming days. Percent R is at 72.30%, indicating bearish price movement. Stochastics%K at holding indicates that the stock is to be held.

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