Redeia Corporacion (OTCMKTS:RDEIY) Shares Pass Below Fifty Day Moving Average - Here's What Happened

Key Points

• Redeia Corporacion's shares have fallen below their 50-day moving average of $10.14, trading at a low of $9.60 before closing at $9.67 with a volume of 75,735 shares.
• The company recently announced a dividend increase to $0.2115 per share, representing a significant yield of 257%, up from the previous dividend of $0.11.
• Analyst ratings for Redeia Corporacion are mixed, with one "Strong Buy," two "Hold," and one "Sell," resulting in a consensus rating of "Hold."

Redeia Corporacion SA - Unsponsored ADR (OTCMKTS:RDEIY - Get Free Report) crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $10.14 and traded as low as $9.60. Redeia Corporacion shares last traded at $9.67, with a volume of 75,735 shares trading hands.

Wall Street Analyst Weigh In

RDEIY has been the subject of a number of research analyst reports. Citigroup raised shares of Redeia Corporacion to a "strong-buy" rating in a research note on Wednesday, July 23rd. BNP Paribas downgraded Redeia Corporacion from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 6th. Finally, Kepler Capital Markets downgraded Redeia Corporacion from a "strong-buy" rating to a "hold" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold".

Redeia Corporacion Stock Up 1.5%

The business has a fifty day moving average price of $10.14 and a 200 day moving average price of $9.91.

Redeia Corporacion Increases Dividend

The business also recently announced a dividend, which was paid on Wednesday, July 23rd. Investors of record on Tuesday, July 8th were issued a dividend of $0.2115 per share. This represents a dividend yield of 257.0%. The ex-dividend date was Monday, July 7th. This is an increase from Redeia Corporacion's previous dividend of $0.11.

Redeia Corporacion Company Profile

Redeia Corporación, SA engages in the electricity transmission, and system operation and management of the transmission network for the electricity system in Spain and internationally. The company operates through three segments: Management and Operation of National Electricity Infrastructure; Management and Operation of International Electricity Infrastructure; and Telecommunications (Satellites and Fibre Optic).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.