Investing in Gerdau S.A. (GGB): What You Must Know


Following these proceedings, JP Morgan downgraded its Gerdau S.A. [GGB] rating to a Neutral from a an Overweight in a research note published on Tuesday, February 09, 2023; the price target was decreased to $6 from $7. PT values the company’s stock at a premium of 8.83 to its Tuesday closing price. A number of analysts have revised their coverage, including Citigroup’s analysts, who increased its forecast for the stock in mid November from “a Neutral” to “a Buy”. Credit Suisse also remained covering GGB and has increased its forecast on September 09, 2021 with a “an Outperform” recommendation from previously “Neutral” rating. Goldman revised its rating on January 13, 2021. It rated GGB as “a Neutral” which previously was an “a Buy”.

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Price Performance Review of GGB

On Tuesday, Gerdau S.A. [NYSE:GGB] saw its stock jump 0.55% to $5.47. On the same session, the stock had its day’s lowest price of $5.445, but rose to a high of $5.53. Over the last five days, the stock has gained 0.92%. Gerdau S.A. shares have fallen nearly -1.26% since the year began. Nevertheless, the stocks have risen 16.62% 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 $5.89, while 200 days put it at $5.24. A total of 8.46 million shares were traded, compared to the trading of 8.57 million shares in the previous session.

Levels Of Support And Resistance For GGB Stock

The 24-hour chart illustrates a support level at 5.43, which if violated will result in even more drops to 5.40. On the upside, there is a resistance level at 5.52. A further resistance level may holdings at 5.57. The Relative Strength Index (RSI) on the 14-day chart is 38.65, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.08, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 84.17%. Stochastics %K at 11.38% 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 Jan 30, 2023, dropping by -13.37 million shares to a total of 25.83 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 39.2 million shares. There was a decline of -51.76%, 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 81,702,491 shares, or roughly 7.42% of the outstanding GGB shares. In other words, the investor’s shares have risen by 7,916,172 from its previous 13-F filing of 73786319.0. Additionally, Acadian Asset Management LLC increased 11.12% of its stake after which the total value it holdings stand at $178,740,679. Over the last quarter, Contrarian Capital Management LLC sold -948,830 shares of Gerdau S.A., while Dimensional Fund Advisors LP sold 1,034,363 shares. At present, Millennium Management LLC is holding 11,283,774 shares valued at $73.34 million. Itau USA Asset Management, Inc. owned 8,077,852 shares of the company at the time of its most recent 13F filing, worth $52.51 million.

According to FactSet, Gerdau S.A.’s share price will average $7.06 in the next year, based on opinions of analysts polled by the firm. This is up nearly 28.12 percent from its previous closing price of $5.44. Analysts expect Gerdau S.A. stock to reach the higher price of $8.75, while the lowest price estimate is $5.89. However, 14 analysts have rated GGB stock as an Overweight in their predictions for 2023.


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