Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 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 $1.87 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 $1.87 million.
As published in a research note from BofA Securities on December 16, 2024, Microchip Technology, Inc [MCHP] has been rated down from a Neutral to an Underperform and the price target has been revised to $65 from $80. Analysts at TD Cowen resumed the stock at ‘”a Hold”‘ outlook in a report released in early November. As of September 23, 2024, Truist has decreased its “Buy” rating to a “Hold” for MCHP. Earlier on August 16, 2024, Piper Sandler upgraded its rating. Their new recommendation was “an Overweight” for MCHP stock which previously was a “a Neutral”.
Analyzing MCHP Stock Performance
During the last five days, there has been a drop of approximately -8.75%. Over the course of the year, Microchip Technology, Inc shares have dropped approximately -37.75%. Shares of the company reached a 52-week high of $100.57 on 05/24/24 and a 52-week low of $55.91 on 12/18/24. A 50-day SMA is recorded $69.52, while a 200-day SMA reached $82.51. Nevertheless, trading volume fell to 10.12 million shares from 9.54 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 54.78, which, if violated, would cause prices to drop to 53.42. In the upper region, resistance lies at 58.63. The next price resistance is at 61.12. RSI (Relative Strength Index) is 29.08 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.83, which suggests the price will decrease in the coming days. Percent R is at 98.48%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
