Tyson Foods (TSN)

May 26, 2023Trade Ideas

Tyson Foods (TSN) has become severely oversold. Over the last few days, the stock plummeted from about $60 to less than $50.  All after poor earnings and cut guidance. However, it looks like insiders believe the pullback is overdone, buying $2.3 million worth of stock.  CEO Donnie King, for example, bought $500,422 worth of TSN shares on May 11, and noted, “we’re still bullish on our long-term outlook.”

Vice Chairman Kevin McNamara paid out $1 million on May 12 for 20,500 TSN shares.  Group president of poultry, Wes Morris bought 9,362 shares for $451,061. Tyson’s chief people officer, Johanna Soderstrom bought $246,109 worth of TSN stock on May 12.

Plus, if you pull up a two-year chart of TSN, you can see that every time the stock has been severely beaten down on RSI, MACD, and Williams’ %R, it bounces back.  Even if the bounce back is temporary, it’s still an interesting bet.

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