Investing in Garmin Ltd. (GRMN) Is Getting More Attractive

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Garmin Ltd.’s recently made public that its President and CEO PEMBLE CLIFTON A unloaded Company’s shares for reported $0.86 million on Sep 07. In the deal valued at $90.00 per share,9,550 shares were sold. As a result of this transaction, PEMBLE CLIFTON A now holds 135,950 shares worth roughly $ 11.77 million.


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Then, PEMBLE CLIFTON A sold 16,089 shares, generating $1,573,673 in total proceeds. Upon selling the shares at $97.81, the President and CEO now owns 145,500 shares.

BofA Securities downgraded its Garmin Ltd. [GRMN] rating to a Neutral from a a Buy in a research note published on Monday, August 02, 2022; the price target was decreased to $109 from $137. PT values the company’s stock at a premium of 20.57 to its Monday closing price. A number of analysts have revised their coverage, including BofA Securities’s analysts, who increased its forecast for the stock in mid March from “a Neutral” to “a Buy”. Deutsche Bank also remained covering GRMN and has increased its forecast on January 05, 2022 with a “Buy” recommendation from previously “Hold” rating. BofA Securities revised its rating on June 22, 2021. It rated GRMN as “a Neutral” which previously was an “a Buy”.

Price Performance Review of GRMN

On Monday, Garmin Ltd. [NYSE:GRMN] saw its stock jump 0.06% to $86.58. On the same session, the stock had its day’s lowest price of $85.48, but rose to a high of $87.07. Over the last five days, the stock has lost -1.66%. Garmin Ltd. shares have fallen nearly -36.42% since the year began. Nevertheless, the stocks have fallen -39.11% over the past one year. While a 52-week high of $148.87 was reached on 01/05/22, a 52-week low of $76.37 was recorded on 10/13/22. SMA at 50 days reached $84.85, while 200 days put it at $101.85. A total of 0.63 million shares were traded, compared to the trading of 56956.0 shares in the previous session.

Levels Of Support And Resistance For GRMN Stock

The 24-hour chart illustrates a support level at 85.68, which if violated will result in even more drops to 84.79. On the upside, there is a resistance level at 87.27. A further resistance level may holdings at 87.97. The Relative Strength Index (RSI) on the 14-day chart is 55.76, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.78, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 28.37%. Stochastics %K at 62.10% indicates the stock is a holding.

How much short interest is there in Garmin Ltd.?

A steep rise in short interest was recorded in Garmin Ltd. stocks on Jul 14, 2022, growing by 0.77 million shares to a total of 2.57 million shares. Yahoo Finance data shows the prior-month short interest on Jun 14, 2022 was 1.8 million shares. There was a rise of 29.96%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 1.67% of the overall stock float, the days-to-cover ratio (short ratio) rose to 2.2.

Garmin Ltd. [GRMN] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 17,042,826 shares, or roughly 8.84% of the outstanding GRMN shares. In other words, the investor’s shares have risen by 377,434 from its previous 13-F filing of 16665392.0. Additionally, BlackRock Fund Advisors increased 0.96% of its stake after which the total value it holdings stand at $817,262,588, while SSgA Funds Management, Inc. reduced -1.08% of its stake to hold $517.45 million in the firm. Over the last quarter, Artisan Partners LP purchased 1,903,309 shares of Garmin Ltd., while Geode Capital Management LLC bought -232,378 shares. At present, Pictet Asset Management SA is holding 2,302,545 shares valued at $184.92 million. Janus Henderson Investors US LLC owned 1,980,045 shares of the company at the time of its most recent 13F filing, worth $159.02 million.

According to FactSet, Garmin Ltd.’s share price will average $99.50 in the next year, based on opinions of analysts polled by the firm. This is up nearly 14.99 percent from its previous closing price of $86.53. Analysts expect Garmin Ltd. stock to reach the higher price of $109.00, while the lowest price estimate is $90.00. However, 6 analysts have rated GRMN stock as a Hold in their predictions for 2022. The most recent change occurred on December 08, 2020 when Deutsche Bank began covering the stock and recommended ‘”a Hold”‘ rating along with a $120 price target.

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