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Insider Selling: Zheng Peiming, Otis Worldwide Corp [OTIS] EVP, Chief Product, Delivery divested 30,364 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. Otis Worldwide Corp shares valued at $2,844,682 were sold by Zheng Peiming on May 07 ’24. At $93.69 per share, Zheng Peiming sold 30,364 shares. The insider’s holdings dropped to 15,570 shares worth approximately $1.5 million following the completion of this transaction.

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Also, de Montlivault Stephane sold 18,393 shares, netting a total of over 1,675,626 in proceeds. Following the sale of shares at $91.10 each, the insider now holds 67,274 shares.

Before that, LaFreniere Nora E. had sold 22,106 shares from its account. In a trade valued at $2,008,832, the EVP, General Counsel traded Otis Worldwide Corp shares for $90.87 each. Upon closing the transaction, the insider’s holdings decreased to 22,106 shares, worth approximately $2.41 million.

As published in their initiating research note from Melius on April 02, 2024, Otis Worldwide Corp [OTIS] has been a Hold. Analysts at Argus upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in late February. As of January 02, 2024, Vertical Research has decreased its “Buy” rating to a “Hold” for OTIS. Earlier on October 03, 2023, UBS initiated its rating. Their recommendation was “a Neutral” for OTIS stock.

Analyzing OTIS Stock Performance

During the last five days, there has been a surge of approximately 0.79%. Over the course of the year, Otis Worldwide Corp shares have jumped approximately 7.87%. Shares of the company reached a 52-week high of $100.84 on 06/06/24 and a 52-week low of $85.42 on 01/17/24. A 50-day SMA is recorded $96.14, while a 200-day SMA reached $90.21. Nevertheless, trading volume fell to 1.32 million shares from 1.79 million shares the previous day.

Support And Resistance Levels for Otis Worldwide Corp (OTIS)

According to the 24-hour chart, there is a support level at 96.09, which, if violated, would cause prices to drop to 95.67. In the upper region, resistance lies at 97.06. The next price resistance is at 97.61. RSI (Relative Strength Index) is 49.64 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.55, which suggests the price will decrease in the coming days. Percent R is at 46.13%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

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