Keep an eye on oversold shares of Coty Inc. (COTY).
After diving from about $12.50 to $9.67, the stock appears to have caught strong support. It’s also over-extended on RSI, MACD, and Williams’ %R. Better, if you pull up a three-year chart of COTY, you can see that each time those technical pivot points get this low, the stock bounces.
Helping, Coty director Mariasun Aramburuzabala Larregui just bought 500,000 shares for 10.28 euros each, about $5.4 million in total. She last bought COTY stock in November 2021, paying $10 million for 925,000 shares.
Raymond James analysts like COTY here, too.
Especially with the holiday season approaching.
In fact, as noted by TipRanks.com, “With Fragrances accounting for 60% of COTY’s sales, mostly in prestige brands, and the key holiday period approaching, we see opportunity for continued upsides for COTY. Management raised its sales guide four times during FY23 and we see potential for another positive announcement when the company reports F1Q24 results, or possibly earlier.”
The firm also has an outperform rating on the COTY stock with a price target of $15.
