Culp (NYSE:CULP) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Culp, Inc. (NYSE:CULP) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $5.27 and traded as high as $5.94. Culp shares last traded at $5.87, with a volume of 62,368 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of Culp in a research note on Wednesday. They issued a “hold” rating on the stock.

Culp Price Performance

The company has a market cap of $73.72 million, a P/E ratio of -3.49 and a beta of 1.20. The stock has a fifty day moving average price of $5.33 and a two-hundred day moving average price of $5.27.

Insider Buying and Selling at Culp

In other Culp news, CEO Robert George Iv Culp bought 8,508 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were purchased at an average price of $5.42 per share, for a total transaction of $46,113.36. Following the purchase, the chief executive officer now directly owns 78,029 shares of the company’s stock, valued at approximately $422,917.18. This represents a 12.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mary Elizabeth Hunsberger bought 5,000 shares of Culp stock in a transaction dated Monday, December 16th. The stock was acquired at an average cost of $5.55 per share, with a total value of $27,750.00. Following the completion of the acquisition, the insider now owns 15,000 shares of the company’s stock, valued at $83,250. This represents a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 29,405 shares of company stock worth $154,877. Corporate insiders own 7.30% of the company’s stock.

Institutional Investors Weigh In On Culp

An institutional investor recently raised its position in Culp stock. Geode Capital Management LLC increased its stake in Culp, Inc. (NYSE:CULP) by 14.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 103,825 shares of the textile maker’s stock after purchasing an additional 12,830 shares during the quarter. Geode Capital Management LLC owned approximately 0.83% of Culp worth $680,000 at the end of the most recent quarter. 75.05% of the stock is currently owned by institutional investors.

About Culp

Culp, Inc manufactures, sources, markets, and sells mattress fabrics, sewn covers, and cut and sewn kits for use in mattresses, foundations, and other bedding products in the United States, North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics.