Taking a Closer Look At Gerdau S.A. (GGB) Following Its Recent Trade


As this happened, 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 -3.61 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 0.48% to $6.32. On the same session, the stock had its day’s lowest price of $6.25, but rose to a high of $6.345. Over the last five days, the stock has lost -0.32%. Gerdau S.A. shares have risen nearly 14.08% since the year began. Nevertheless, the stocks have risen 30.97% over the past one year. While a 52-week high of $6.66 was reached on 01/18/23, a 52-week low of $3.89 was recorded on 01/04/23. SMA at 50 days reached $5.86, while 200 days put it at $5.24. A total of 6.47 million shares were traded, compared to the trading of 6.54 million shares in the previous session.

Levels Of Support And Resistance For GGB Stock

The 24-hour chart illustrates a support level at 6.27, which if violated will result in even more drops to 6.21. On the upside, there is a resistance level at 6.36. A further resistance level may holdings at 6.40. The Relative Strength Index (RSI) on the 14-day chart is 62.50, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.18, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 25.48%. Stochastics %K at 76.30% indicates the stock is a holding.

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

A steep rise in short interest was recorded in Gerdau S.A. stocks on Oct 13, 2022, dropping by -12.22 million shares to a total of 2.07 million shares. Yahoo Finance data shows the prior-month short interest on Sep 14, 2022 was 14.29 million shares. There was a decline of -590.34%, which implies that there is a negative 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 73,786,319 shares, or roughly 6.70% of the outstanding GGB shares. In other words, the investor’s shares have fallen by -14,402,803 from its previous 13-F filing of 88189122.0. Additionally, Acadian Asset Management LLC increased 48.36% of its stake after which the total value it holdings stand at $137,094,436, while Contrarian Capital Management LLC reduced -10.98% of its stake to hold $108.04 million in the firm. Over the last quarter, Dimensional Fund Advisors LP purchased 1,291,783 shares of Gerdau S.A., while Fisher Asset Management LLC bought 2,529,984 shares. At present, Itau USA Asset Management, Inc. is holding 9,178,051 shares valued at $50.85 million. BlackRock Fund Advisors owned 4,927,823 shares of the company at the time of its most recent 13F filing, worth $27.3 million.

According to FactSet, Gerdau S.A.’s share price will average $7.11 in the next year, based on opinions of analysts polled by the firm. This is up nearly 13.51 percent from its previous closing price of $6.29. Analysts expect Gerdau S.A. stock to reach the higher price of $8.08, while the lowest price estimate is $5.89. However, 13 analysts have rated GGB stock as a Buy in their predictions for 2023.


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