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A company insider recently bought 15,000 shares of Elanco Animal Health Inc [ELAN]. Should You Buy?

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. Elanco Animal Health Inc shares valued at $254,700 were purchased by DOYLE WILLIAM F on May 21 ’24. At $16.98 per share, DOYLE WILLIAM F acquired 15,000 shares. The insider’s holdings grew to 76,330 shares worth approximately $1.1 million following the completion of this transaction.

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Also, DOYLE WILLIAM F purchased 15,000 shares, netting a total of over 244,500 in proceeds. Following the buying of shares at $16.30 each, the insider now holds 61,330 shares.

Before that, Harrington Michael J had added 3,100 shares to its account. In a trade valued at $50,494, the Director bought Elanco Animal Health Inc shares for $16.29 each. Upon closing the transaction, the insider’s holdings increased to 3,100 shares, worth approximately $1.12 million.

As published in a research note from Stifel on January 05, 2024, Elanco Animal Health Inc [ELAN] has been rated up from a Hold to a Buy and the price target has been revised to $20 from $13. Analysts at Jefferies started covering the stock with ‘”a Buy”‘ outlook in a report released in mid December. As of December 15, 2023, Morgan Stanley has increased its “an Equal-weight” rating to a “an Overweight” for ELAN. Earlier on December 07, 2023, Exane BNP Paribas initiated its rating. Their recommendation was “an Outperform” for ELAN stock.

Analyzing ELAN Stock Performance

During the last five days, there has been a drop of approximately -19.64%. Over the course of the year, Elanco Animal Health Inc shares have dropped approximately -3.09%. Shares of the company reached a 52-week high of $18.80 on 06/12/24 and a 52-week low of $12.69 on 04/19/24. A 50-day SMA is recorded $16.32, while a 200-day SMA reached $14.15. Nevertheless, trading volume fell to 2.72 million shares from 6.5 million shares the previous day.

Support And Resistance Levels for Elanco Animal Health Inc (ELAN)

According to the 24-hour chart, there is a support level at 14.03, which, if violated, would cause prices to drop to 13.92. In the upper region, resistance lies at 14.34. The next price resistance is at 14.54. RSI (Relative Strength Index) is 29.83 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.61, which suggests the price will decrease in the coming days. Percent R is at 89.66%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

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