Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Microchip Technology, Inc. shares valued at $257,982 were sold by CHAPMAN MATTHEW W on Jun 10 ’24. At $93.88 per share, CHAPMAN MATTHEW W sold 2,748 shares. The insider’s holdings dropped to 35,682 shares worth approximately $2.79 million following the completion of this transaction.
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Also, Johnson Karlton D sold 227 shares, netting a total of over 22,019 in proceeds. Following the sale of shares at $97.00 each, the insider now holds 1,470 shares.
Before that, Bjornholt James Eric had sold 3,188 shares from its account. In a trade valued at $318,736, the Senior VP and CFO traded Microchip Technology, Inc. shares for $99.98 each. Upon closing the transaction, the insider’s holdings decreased to 3,188 shares, worth approximately $2.6 million.
As published in a research note from TD Cowen on August 02, 2024, Microchip Technology, Inc. [MCHP] has been retained to a Hold and the price target has been revised to $80. Analysts at BofA Securities downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in early August. As of July 11, 2024, Morgan Stanley has decreased its “an Overweight” rating to a “an Equal-weight” for MCHP. Earlier on May 24, 2024, Mizuho upgraded its rating. Their new recommendation was “a Buy” for MCHP stock which previously was a “a Neutral”.
Analyzing MCHP Stock Performance
During the last five days, there has been a surge of approximately 8.47%. Over the course of the year, Microchip Technology, Inc. shares have dropped approximately -13.40%. Shares of the company reached a 52-week high of $100.57 on 05/24/24 and a 52-week low of $71.76 on 08/07/24. A 50-day SMA is recorded $88.43, while a 200-day SMA reached $87.23. Nevertheless, trading volume fell to 5.29 million shares from 7.59 million shares the previous day.
Support And Resistance Levels for Microchip Technology, Inc. (MCHP)
According to the 24-hour chart, there is a support level at 76.81, which, if violated, would cause prices to drop to 75.51. In the upper region, resistance lies at 79.31. The next price resistance is at 80.51. RSI (Relative Strength Index) is 41.41 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.93, which suggests the price will decrease in the coming days. Percent R is at 64.46%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
