Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Otis Worldwide Corporation shares valued at $389,354 were sold by GHAI RAHUL on Aug 02. At $77.87 per share, GHAI RAHUL sold 5,000 shares. The insider’s holdings dropped to 2,063 shares worth approximately $0.14 million following the completion of this transaction.
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Also, GHAI RAHUL sold 2,618 shares, netting a total of over 205,631 in proceeds. Following the sale of shares at $78.55 each, the insider now holds 7,063 shares.
Before that, LaFreniere Nora E. had sold 13,576 shares from its account. In a trade valued at $1,039,126, the EVP, General Counsel traded Otis Worldwide Corporation shares for $76.54 each. Upon closing the transaction, the insider’s holdings decreased to 13,576 shares, worth approximately $0.81 million.
As published in a research note from JP Morgan on July 07, 2022, Otis Worldwide Corporation [OTIS] has been rated down from an Overweight to a Neutral and the price target has been revised to $62 from $100. This represents a -5.56% premium over Thursday’s closing price. Analysts at Exane BNP Paribas downgraded the stock from ‘”an Outperform”‘ to ‘”a Neutral”‘ outlook in a report released in early July. As of May 24, 2022, Barclays has increased its “an Equal weight” rating to a “an Overweight” for OTIS. Earlier on October 08, 2021, Wells Fargo initiated its rating. Their recommendation was “an Underweight” for OTIS stock.
Analyzing OTIS’s Price Performance
On Thursday, Otis Worldwide Corporation [NYSE: OTIS] plunged -2.36% to $65.45. The stock’s lowest price that day was $65.355, but it reached a high of $67.115 in the same session. During the last five days, there has been a drop of approximately -5.05%. Over the course of the year, Otis Worldwide Corporation shares have dropped approximately -24.83%. Shares of the company reached a 52-week high of $88.22 on 01/03/22 and a 52-week low of $65.36 on 09/22/22. A 50-day SMA is recorded $74.62, while a 200-day SMA reached $76.76. Nevertheless, trading volume fell to 1.97 million shares from 1.58 million shares the previous day.
Support And Resistance Levels for Otis Worldwide Corporation (OTIS)
According to the 24-hour chart, there is a support level at 64.83, which, if violated, would cause prices to drop to 64.21. In the upper region, resistance lies at 66.59. The next price resistance is at 67.73. RSI (Relative Strength Index) is 23.81 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.54, which suggests the price will decrease in the coming days. Percent R is at 98.91%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Otis Worldwide Corporation subject to short interest?
Stocks of Otis Worldwide Corporation saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.22 million shares to 6.78 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 6.56 million shares. A jump of 3.24% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.71 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.71.
Which companies own the most shares of Otis Worldwide Corporation (OTIS)?
According to The Vanguard Group, Inc. filings, the company currently owns 37,942,680 shares, which is about 8.97% of the total OTIS shares outstanding. The investor’s shares have appreciated by 399,251 from its previous 13-F filing of 37543429.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $1,461,010,817. SSgA Funds Management, Inc. reduced a -2.45% interest valued at $1.17 billion while Fiera Capital Corp. purchased a 357,384 stake. A total of -336,844 shares of Otis Worldwide Corporation were bought by Massachusetts Financial Services during the quarter, and 851,244 were bought by AllianceBernstein LP. In its current portfolio, Geode Capital Management LLC holds 9,579,652 shares valued at $691.84 million.
In terms of Otis Worldwide Corporation share price expectations, FactSet research, analysts set an average price target of $80.00 in the next 12 months, up nearly 22.33% from the previous closing price of $67.03. Analysts anticipate Otis Worldwide Corporation stock to reach $90.00 by 2022, with the lowest price target being $65.00. In spite of this, 17 analysts ranked Otis Worldwide Corporation stock as an Overweight at the end of 2022. On July 07, 2021, RBC Capital Mkts assigned a price target of “an Outperform” to the stock and initiated coverage with a $95.