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Insider Selling: Richardson Scott A, Celanese Corp [CE] EVP & COO divested 2,000 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. Celanese Corp shares valued at $312,980 were sold by Richardson Scott A on Mar 15 ’24. At $156.49 per share, Richardson Scott A sold 2,000 shares. The insider’s holdings dropped to 74,429 shares worth approximately $10.02 million following the completion of this transaction.

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Also, Kelly Thomas Francis purchased 1,400 shares, netting a total of over 219,373 in proceeds. Following the buying of shares at $156.69 each, the insider now holds 57,023 shares.

Before that, Richardson Scott A had sold 2,000 shares from its account. In a trade valued at $313,700, the EVP & COO traded Celanese Corp shares for $156.85 each. Upon closing the transaction, the insider’s holdings decreased to 2,000 shares, worth approximately $10.29 million.

As published in a research note from JP Morgan on April 04, 2024, Celanese Corp [CE] has been rated down from a Neutral to an Underweight and the price target has been revised to $160 from $135. Analysts at Barclays downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal weight”‘ outlook in a report released in early April. As of February 26, 2024, Piper Sandler has increased its “Neutral” rating to a “an Overweight” for CE. Earlier on February 22, 2024, Tudor Pickering Holt & Co. downgraded its rating. Their new recommendation was “a Sell” for CE stock which previously was a “a Buy”.

Analyzing CE Stock Performance

During the last five days, there has been a surge of approximately 1.36%. Over the course of the year, Celanese Corp shares have dropped approximately -13.31%. Shares of the company reached a 52-week high of $172.16 on 03/28/24 and a 52-week low of $130.91 on 07/05/24. A 50-day SMA is recorded $147.35, while a 200-day SMA reached $144.06. Nevertheless, trading volume fell to 0.7 million shares from 0.86 million shares the previous day.

Support And Resistance Levels for Celanese Corp (CE)

According to the 24-hour chart, there is a support level at 132.51, which, if violated, would cause prices to drop to 130.32. In the upper region, resistance lies at 135.80. The next price resistance is at 136.90. RSI (Relative Strength Index) is 41.42 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.60, which suggests the price will decrease in the coming days. Percent R is at 58.26%, indicating low price movement. Stochastics%K at holding indicates that the stock is to be held.

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