Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Warner Music Group Corp shares valued at $7,044,101 were sold by Lousada Max on Sep 11 ’24. At $28.09 per share, Lousada Max sold 250,769 shares. The insider’s holdings dropped to 2,039,002 shares worth approximately $65.82 million following the completion of this transaction.
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Also, Lousada Max sold 428,834 shares, netting a total of over 12,007,352 in proceeds. Following the sale of shares at $28.00 each, the insider now holds 2,289,771 shares.
Before that, Lousada Max had sold 7,359 shares from its account. In a trade valued at $207,818, the CEO, Recorded Music traded Warner Music Group Corp shares for $28.24 each. Upon closing the transaction, the insider’s holdings decreased to 7,359 shares, worth approximately $87.76 million.
As published in a research note from BofA Securities on October 04, 2024, Warner Music Group Corp [WMG] has been rated down from a Neutral to an Underperform and the price target has been revised to $30 from $33. Analysts at Wolfe Research started covering the stock with ‘”an Outperform”‘ outlook in a report released in mid July. Earlier on July 10, 2024, Redburn Atlantic downgraded its rating. Their new recommendation was “a Sell” for WMG stock which previously was a “a Neutral”.
Analyzing WMG Stock Performance
During the last five days, there has been a surge of approximately 4.13%. Over the course of the year, Warner Music Group Corp shares have dropped approximately -9.81%. Shares of the company reached a 52-week high of $38.05 on 02/08/24 and a 52-week low of $27.06 on 08/05/24. A 50-day SMA is recorded $29.71, while a 200-day SMA reached $32.11. Nevertheless, trading volume fell to 1.56 million shares from 1.98 million shares the previous day.
Support And Resistance Levels for Warner Music Group Corp (WMG)
According to the 24-hour chart, there is a support level at 31.97, which, if violated, would cause prices to drop to 31.65. In the upper region, resistance lies at 32.51. The next price resistance is at 32.73. RSI (Relative Strength Index) is 71.77 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.49, which suggests the price will decrease in the coming days. Percent R is at 7.43%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
