Sunday, June 26, 2022

The Attractiveness of Investing In Gerdau S.A. (GGB) is Growing

Citigroup upgraded its Gerdau S.A. [GGB] rating to a Buy from a a Neutral in a research note published on Tuesday. PT values the company’s stock at a premium of 24.43 to its Tuesday closing price. A number of analysts have revised their coverage, including Credit Suisse’s analysts, who increased its forecast for the stock in early September from “a Neutral” to “an Outperform”. Goldman also remained covering GGB and has decreased its forecast on January 13, 2021 with a “Neutral” recommendation from previously “Buy” rating. Morgan Stanley revised its rating on December 15, 2020. It rated GGB as “an Overweight” which previously was an “an Equal-weight”.


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Price Performance Review of GGB

On Tuesday, Gerdau S.A. [NYSE:GGB] saw its stock jump 0.44% to $4.61. On the same session, the stock had its day’s lowest price of $4.57, but rose to a high of $4.69. Over the last five days, the stock has lost -8.71%. Gerdau S.A. shares have fallen nearly -4.25% since the year began. Nevertheless, the stocks have fallen -18.73% over the past one year. While a 52-week high of $6.48 was reached on 04/04/22, a 52-week low of $4.10 was recorded on 06/17/22. SMA at 50 days reached $5.70, while 200 days put it at $5.27. A total of 17.93 million shares were traded, compared to the trading of 10.99 million shares in the previous session.

Levels Of Support And Resistance For GGB Stock

The 24-hour chart illustrates a support level at 4.56, which if violated will result in even more drops to 4.50. On the upside, there is a resistance level at 4.68. A further resistance level may holdings at 4.74. The Relative Strength Index (RSI) on the 14-day chart is 29.05, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.86, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 96.22%. Stochastics %K at 3.06% indicates the stock is a buying.

How much short interest is there in Gerdau S.A.?

A steep rise in short interest was recorded in Gerdau S.A. stocks on Apr 28, 2022, growing by 1.02 million shares to a total of 14.96 million shares. Yahoo Finance data shows the prior-month short interest on Mar 30, 2022 was 13.94 million shares. There was a rise of 6.82%, which implies that there is a positive sentiment for the stock.

Gerdau S.A. [GGB] – Who Are The Largest Shareholders?

In filings from Capital Research & Management Co, it is revealed that the company now owns 97,285,310 shares, or roughly 8.49% of the outstanding GGB shares. In other words, the investor’s shares have risen by 168,323 from its previous 13-F filing of 97116987.0. Additionally, Contrarian Capital Management LLC decreased -2.63% of its stake after which the total value it holdings stand at $137,440,454, while Dimensional Fund Advisors LP added 7.13% of its stake to hold $67.36 million in the firm. Over the last quarter, Fisher Asset Management LLC purchased 614,373 shares of Gerdau S.A., while BlackRock Fund Advisors bought 1,496,030 shares. At present, Millennium Management LLC is holding 5,058,870 shares valued at $30.86 million. The Vanguard Group, Inc. owned 4,509,865 shares of the company at the time of its most recent 13F filing, worth $27.51 million.

According to FactSet, Gerdau S.A.’s share price will average $7.73 in the next year, based on opinions of analysts polled by the firm. This is up nearly 69.28 percent from its previous closing price of $4.59. Analysts expect Gerdau S.A. stock to reach the higher price of $8.86, while the lowest price estimate is $6.21. However, 13 analysts have rated GGB stock as a Buy in their predictions for 2022.

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