Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Microchip Technology, Inc. shares valued at $175,551 were sold by Bjornholt James Eric on Aug 23 ’24. At $81.50 per share, Bjornholt James Eric sold 2,154 shares. The insider’s holdings dropped to 33,257 shares worth approximately $2.55 million following the completion of this transaction.
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Also, Bjornholt James Eric purchased 2,154 shares, netting a total of over 175,412 in proceeds.
Before that, CHAPMAN MATTHEW W had sold 2,748 shares from its account. In a trade valued at $257,982, the Director traded Microchip Technology, Inc. shares for $93.88 each. Upon closing the transaction, the insider’s holdings decreased to 2,748 shares, worth approximately $2.73 million.
As published in a research note from Truist on September 23, 2024, Microchip Technology, Inc. [MCHP] has been rated down from a Buy to a Hold and the price target has been revised to $80 from $89. Analysts at Piper Sandler upgraded the stock from ‘”a Neutral”‘ to ‘”an Overweight”‘ outlook in a report released in mid August. As of August 02, 2024, TD Cowen has reiterated its “Hold” rating for MCHP. Earlier on August 02, 2024, BofA Securities downgraded its rating. Their new recommendation was “a Neutral” for MCHP stock which previously was a “a Buy”.
Analyzing MCHP Stock Performance
During the last five days, there has been a drop of approximately -0.98%. Over the course of the year, Microchip Technology, Inc. shares have dropped approximately -15.08%. 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 $78.17, while a 200-day SMA reached $86.12. Nevertheless, trading volume fell to 4.85 million shares from 4.5 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 76.04, which, if violated, would cause prices to drop to 75.51. In the upper region, resistance lies at 77.51. The next price resistance is at 78.44. RSI (Relative Strength Index) is 46.51 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 66.78%, indicating low price movement. Stochastics %K at buying indicates that the stock is to be held.
