CoreCivic (NYSE:CXW) Share Price Passes Above 200-Day Moving Average - Here's Why

CoreCivic, Inc. (NYSE:CXW - Get Free Report)'s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $16.05 and traded as high as $22.99. CoreCivic shares last traded at $22.08, with a volume of 992,751 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Northland Securities lifted their price target on CoreCivic from $17.00 to $32.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Wedbush upgraded shares of CoreCivic from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $19.00 to $30.00 in a research report on Tuesday, December 10th.

CoreCivic Stock Down 3.9 %

The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.66. The stock has a 50-day simple moving average of $21.41 and a two-hundred day simple moving average of $16.16. The firm has a market cap of $2.43 billion, a PE ratio of 32.96 and a beta of 1.01.

Insider Activity at CoreCivic

In related news, CFO David Garfinkle sold 50,000 shares of CoreCivic stock in a transaction on Monday, November 11th. The shares were sold at an average price of $24.20, for a total value of $1,210,000.00. Following the transaction, the chief financial officer now owns 276,528 shares in the company, valued at $6,691,977.60. This trade represents a 15.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Anthony L. Grande sold 26,000 shares of the company's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $22.18, for a total transaction of $576,680.00. Following the sale, the executive vice president now owns 127,380 shares of the company's stock, valued at approximately $2,825,288.40. The trade was a 16.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 102,000 shares of company stock valued at $2,389,880. Corporate insiders own 2.21% of the company's stock.

Hedge Funds Weigh In On CoreCivic

Institutional investors and hedge funds have recently bought and sold shares of the stock. Headlands Technologies LLC bought a new stake in CoreCivic in the second quarter valued at approximately $29,000. GAMMA Investing LLC raised its holdings in CoreCivic by 77.7% during the 3rd quarter. GAMMA Investing LLC now owns 3,733 shares of the real estate investment trust's stock valued at $47,000 after buying an additional 1,632 shares during the last quarter. nVerses Capital LLC raised its holdings in CoreCivic by 177.4% during the 3rd quarter. nVerses Capital LLC now owns 8,600 shares of the real estate investment trust's stock valued at $109,000 after buying an additional 5,500 shares during the last quarter. Chesapeake Capital Corp IL purchased a new stake in CoreCivic during the 3rd quarter valued at $139,000. Finally, Tidal Investments LLC bought a new stake in CoreCivic in the 3rd quarter worth $139,000. 85.13% of the stock is currently owned by institutional investors.

CoreCivic Company Profile

CoreCivic, Inc owns and operates partnership correctional, detention, and residential reentry facilities in the United States. It operates through three segments: CoreCivic Safety, CoreCivic Community, and CoreCivic Properties. The company provides a range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions.