Summit Materials Inc’s recently made public that its Officer Ghelani Kekin acquired Company’s shares for reported $0.69 million on Oct 01 ’24. In the deal valued at $38.71 per share,17,936 shares were bought.
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Then, Kilgore Jason sold 50,589 shares, generating $2,033,951 in total proceeds. Upon selling the shares at $40.21, the insider now owns 60,630 shares.
Morgan Stanley initiated its Summit Materials Inc [SUM] rating to an Overweight in a research note published on August 26, 2024; the price target was $51. A number of analysts have revised their coverage, including Wolfe Research’s analysts, who increased its forecast for the stock in mid May from “a Peer perform” to “an Outperform”. RBC Capital Mkts revised its rating on January 12, 2024. It rated SUM as “a Sector perform” which previously was an “an Outperform”.
Price Performance Review of SUM
On Tuesday, Summit Materials Inc [NYSE:SUM] saw its stock fall -3.10% to $37.82. Over the last five days, the stock has lost -1.94%. Summit Materials Inc shares have fallen nearly -1.66% since the year began. Nevertheless, the stocks have risen 21.45% over the past one year. While a 52-week high of $44.89 was reached on 04/01/24, a 52-week low of $30.81 was recorded on 01/17/24. SMA at 50 days reached $38.65, while 200 days put it at $39.04.
Levels Of Support And Resistance For SUM Stock
The 24-hour chart illustrates a support level at 37.38, which if violated will result in even more drops to 36.93. On the upside, there is a resistance level at 38.63. A further resistance level may holdings at 39.43. The Relative Strength Index (RSI) on the 14-day chart is 45.98, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.22, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 60.13%. Stochastics %K at 59.99% indicates the stock is a holding.
How much short interest is there in Summit Materials Inc?
A steep rise in short interest was recorded in Summit Materials Inc stocks on 2024-09-13, dropping by -0.49 million shares to a total of 4.14 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-15 was 4.63 million shares. There was a decline of -11.8%, which implies that there is a negative sentiment for the stock.
