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- 1 Short interest and institutional investors increase for DocuSign Inc.
- 2 DOCU stock price falls after facing rejection at the sell point.
- 3 Price falls by 2.10% intraday.
DocuSign Inc. witnesses increasing investor interest as several hedge funds and institutional investors eye DOCU stock. The potential investors have recently made noteworthy transactions regarding the digital agreement management company. The investor interest was sparked after the company rolled out its earnings report for the period ending in January 2023.
The reports came out with positive surprises, but DOCU stock marked a massive gap-down, inducing selling pressure. The stock has been an under target of several recent research reports, where some market analysts have decreased the rating on the company, others have raised their outlook on its possible growth.
Investor In; Investor Out?
Several hedge funds and institutional investors have made significant movements in DOCU stock. MetLife Investment Management LLC bought stake worth $1.337 million in DocuSign Inc. National Pension Service and Vangaurd Group are a few amongst who made noteable increase in holdings during the first quarter. The Vangaurd Group increased the overall value by $2 billion after the additional purchase of DOCU stock.
The aspect of insider selling has not be ruled out as the Director of the company, Teresa Briggs sold nearly two thousand shares of DocuSign Inc. While other analysts raised their outlook, USB Group recently downgraded the company to “sell” rating. A similar outlook is visible in the rating given out by Piper Sandler and Wells Fargo & Co., when the rating and price targets were dropped to $60.00. However, Jefferies Financial Group raised their price objective and showed anticipation of company’s growth.
DOCU Stock Price Analysis
DOCU stock price marks a downtrend after facing rejection at $58.85. The market displayed highly volatile attributes as the price witnessed a steady movement followed by an abrupt price drop. The trading volume suggests a contained participation as the investors make movements spanning over several weeks. The EMA ribbon forms a possibility of bearish crossover above the price action, establishing a bearish outlook for DocuSign Inc.
The Bollinger Bands diverge to display the present volatility in DOCU stock price. The volatile market can be attributed to the significant transactions made by several hedge funds and institutional investors. The MACD forms a bearish divergence and records seller bars in the region below the zero-histogram mark. The RSI drops close to floor ranges indicating sellers gaining dominance in the downtrend.
Conclusion
DOCU Stock displays a downtrend as the price falls after reaching the resistance $58.85. The market simultaneously shows vacating investors with marojrity rating the stock as “sell”. The holder can watch out the price retracing back to the sell point after it reaches the support near $46.00.
Technical levels
Support levels: $46.00 and $41.95
Resistance levels: $52.20 and $58.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
