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A company insider recently sold 22,500,000 shares of Permian Resources Corp [PR]. Should You Sale?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Permian Resources Corp shares valued at $370,575,000 were sold by Quinn William J on May 15 ’24. At $16.47 per share, Quinn William J sold 22,500,000 shares. The insider’s holdings dropped to 0 shares worth approximately $0.0 following the completion of this transaction.

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Also, EnCap Partners GP, LLC sold 10,000,000 shares, netting a total of over 164,200,000 in proceeds. Following the sale of shares at $16.42 each, the insider now holds 21,532,613 shares.

Before that, Tepper Jeffrey had sold 65,000 shares from its account. In a trade valued at $1,067,300, the Director traded Permian Resources Corp shares for $16.42 each. Upon closing the transaction, the insider’s holdings decreased to 65,000 shares, worth approximately $2.66 million.

As published in a research note from BMO Capital Markets on July 03, 2024, Permian Resources Corp [PR] has been rated up from a Market perform to an Outperform and the price target has been revised to $21. As of April 09, 2024, Raymond James has initiated its “Strong buy” rating for PR. Earlier on January 05, 2024, BofA Securities initiated its rating. Their recommendation was “a Neutral” for PR stock.

Analyzing PR Stock Performance

During the last five days, there has been a surge of approximately 7.73%. Over the course of the year, Permian Resources Corp shares have jumped approximately 24.94%. Shares of the company reached a 52-week high of $18.28 on 04/12/24 and a 52-week low of $12.59 on 02/05/24. A 50-day SMA is recorded $16.22, while a 200-day SMA reached $14.93. Nevertheless, trading volume fell to 8.26 million shares from 11.48 million shares the previous day.

Support And Resistance Levels for Permian Resources Corp (PR)

According to the 24-hour chart, there is a support level at 16.54, which, if violated, would cause prices to drop to 16.29. In the upper region, resistance lies at 16.93. The next price resistance is at 17.07. RSI (Relative Strength Index) is 63.77 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.67, which suggests the price will decrease in the coming days. Percent R is at 1.53%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

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