The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Microchip Technology, Inc shares valued at $317,612 were sold by Bjornholt James Eric on Nov 25 ’24. At $67.75 per share, Bjornholt James Eric sold 4,688 shares. The insider’s holdings dropped to 33,272 shares worth approximately $2.05 million following the completion of this transaction.
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Also, Bjornholt James Eric purchased 4,688 shares, netting a total of over 317,121 in proceeds.
Before that, Bjornholt James Eric had sold 2,154 shares from its account. In a trade valued at $175,551, the Senior VP and CFO traded Microchip Technology, Inc shares for $81.50 each. Upon closing the transaction, the insider’s holdings decreased to 2,154 shares, worth approximately $2.05 million.
As published in a research note from TD Cowen on November 06, 2024, Microchip Technology, Inc [MCHP] has been retained to a Hold and the price target has been revised to $70. Analysts at Truist downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in late September. As of August 16, 2024, Piper Sandler has increased its “Neutral” rating to a “an Overweight” for MCHP. Earlier on August 02, 2024, TD Cowen resumed its rating. Their recommendation was “a Hold” for MCHP stock.
Analyzing MCHP Stock Performance
During the last five days, there has been a drop of approximately -9.90%. Over the course of the year, Microchip Technology, Inc shares have dropped approximately -31.65%. Shares of the company reached a 52-week high of $100.57 on 05/24/24 and a 52-week low of $61.07 on 12/04/24. A 50-day SMA is recorded $73.20, while a 200-day SMA reached $83.74. Nevertheless, trading volume fell to 13.73 million shares from 0.35 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 59.73, which, if violated, would cause prices to drop to 57.82. In the upper region, resistance lies at 64.89. The next price resistance is at 68.14. RSI (Relative Strength Index) is 33.28 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.54, which suggests the price will decrease in the coming days. Percent R is at 94.32%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
