Microchip Technology Incorporated (MCHP) : Wednesdays money flow points at investors jumping to buy the stock on the weakness of price. $1.19 million worth of transactions were on upticks, whereas, the downticks accounted for $0.12 million worth of transactions. The net money flow was a positive $1.07 million and the uptick to downtick ratio was 10.25. The net money flow into the stock was $1.11 million. The lack of interest in trading on downticks shows that the investors dont want to sell their holdings. The upticks accounted for $1.11 million of the total block trades, indicating continued buying interest on weakness, which bodes well for the future of the stock. Microchip Technology Incorporated (MCHP) was trading at $53.68, down $0.03 during day. The stock slid -0.06% over the previous days close. For the week, the stock recorded -0.17% over the previous weeks close.
Also, CLSA initiates coverage on Microchip Technology Incorporated (NASDAQ:MCHP). The rating major has initiated the coverage with buy rating on the shares. The Analysts at CLSA announces a current price target of $58 per share. The rating by the firm was issued on May 17, 2016.
Microchip Technology Incorporated (NASDAQ:MCHP): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $53.95 and $53.64 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $54.52. The buying momentum continued till the end and the stock did not give up its gains. It closed at $54.34, notching a gain of 1.17% for the day. The total traded volume was 1,490,646 . The stock had closed at $53.71 on the previous day.
The stock has recorded a 20-day Moving Average of 5.45% and the 50-Day Moving Average is 7.03%. In a related news, The Securities and Exchange Commission has divulged that Moorthy Ganesh, officer (COO) of Microchip Technology Inc, had unloaded 10,000 shares at an average price of $51.69 in a transaction dated on June 1, 2016. The total value of the transaction was worth $516,900.
Microchip Technology Incorporated develops, manufactures and sells specialized semiconductor products for a range of embedded control applications. The Company operates in segments, including semiconductor products and technology licensing. The Companys product portfolio consists of general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; linear, mixed-signal, power management; thermal management; Radio-frequency (RF), safety, security, wired connectivity and wireless connectivity devices, as well as serial EEPROMs, Serial Flash memories, Parallel Flash memories and serial Static Random Access Memory (SRAM). The Company also licenses Flash-IP solutions that are incorporated in a range of products. The Companys products are applicable in the automotive, communications, computing, consumer and industrial control markets.