In a filing, Summit Materials Inc revealed 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.
Barclays upgraded its Summit Materials Inc [SUM] rating to an Overweight from a an Equal weight in a research note published on October 29, 2024; the price target was increased to $52 from $45. A number of analysts have revised their coverage, including RBC Capital Mkts’s analysts, who increased its forecast for the stock in late October from “a Sector perform” to “an Outperform”. Morgan Stanley began covering SUM with “an Overweight” recommendation on August 26, 2024. Wolfe Research revised its rating on May 15, 2024. It rated SUM as “an Outperform” which previously was an “a Peer perform”.
Price Performance Review of SUM
On Tuesday, Summit Materials Inc [NYSE:SUM] saw its stock jump 0.20% to $50.85. Over the last five days, the stock has gained 5.08%. Summit Materials Inc shares have risen nearly 32.22% since the year began. Nevertheless, the stocks have risen 44.67% over the past one year. While a 52-week high of $53.49 was reached on 11/21/24, a 52-week low of $34.38 was recorded on 01/17/24. SMA at 50 days reached $43.52, while 200 days put it at $40.52.
Levels Of Support And Resistance For SUM Stock
The 24-hour chart illustrates a support level at 50.75, which if violated will result in even more drops to 50.64. On the upside, there is a resistance level at 50.93. A further resistance level may holdings at 51.00. The Relative Strength Index (RSI) on the 14-day chart is 67.63, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.47, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 45.28%. Stochastics %K at 60.72% 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 2024-11-15, dropping by -0.74 million shares to a total of 3.19 million shares. Yahoo Finance data shows the prior-month short interest on 2024-10-15 was 3.93 million shares. There was a decline of -23.11%, which implies that there is a negative sentiment for the stock.
