Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Cathay General Bancorp shares valued at $5,200,000 were purchased by PACJU LLC on Nov 06 ’24. At $52.00 per share, PACJU LLC acquired 100,000 shares.
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Also, WU PETER sold 12,711 shares, netting a total of over 596,400 in proceeds. Following the sale of shares at $46.92 each, the insider now holds 335,252 shares.
Before that, WU PETER had sold 7,289 shares from its account. In a trade valued at $342,951, the Vice Chairman traded Cathay General Bancorp shares for $47.05 each. Upon closing the transaction, the insider’s holdings decreased to 7,289 shares, worth approximately $18.39 million.
As published in a research note from Piper Sandler on November 06, 2023, Cathay General Bancorp [CATY] has been rated down from a Neutral to an Underweight and the price target has been revised to $31. Analysts at Stephens started covering the stock with ‘”an Equal-weight”‘ outlook in a report released in mid July. Earlier on May 02, 2018, Wedbush upgraded its rating. Their new recommendation was “an Outperform” for CATY stock which previously was a “a Neutral”.
Analyzing CATY Stock Performance
During the last five days, there has been a surge of approximately 13.10%. Over the course of the year, Cathay General Bancorp shares have jumped approximately 18.56%. Shares of the company reached a 52-week high of $53.19 on 11/06/24 and a 52-week low of $33.88 on 04/23/24. A 50-day SMA is recorded $43.92, while a 200-day SMA reached $39.99. Nevertheless, trading volume fell to 0.87 million shares from 0.27 million shares the previous day.
Support And Resistance Levels for Cathay General Bancorp (CATY)
According to the 24-hour chart, there is a support level at 50.42, which, if violated, would cause prices to drop to 47.99. In the upper region, resistance lies at 54.23. The next price resistance is at 55.61. RSI (Relative Strength Index) is 78.00 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.97, which suggests the price will increase in the coming days. Percent R is at 3.81%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
