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 $70,869 were sold by Calleja Fernandez Bernardo on Feb 14. At $84.67 per share, Calleja Fernandez Bernardo sold 837 shares. The insider’s holdings dropped to 19,998 shares worth approximately $1.7 million following the completion of this transaction.
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Also, Ryan Michael Patrick sold 3,018 shares, netting a total of over 254,903 in proceeds. Following the sale of shares at $84.46 each, the insider now holds 0 shares.
Before that, Cramer James F. had sold 700 shares from its account. In a trade valued at $58,779, the President, Otis Americas traded Otis Worldwide Corporation shares for $83.97 each. Upon closing the transaction, the insider’s holdings decreased to 700 shares, worth approximately $0.43 million.
As published in their initiating research note from Morgan Stanley on January 06, 2023, Otis Worldwide Corporation [OTIS] has been an Equal-weight and the price target has been revised to $84. This represents a -1.46% premium over Wednesday’s closing price. Analysts at Barclays downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal weight”‘ outlook in a report released in early December. As of November 07, 2022, Argus has decreased its “Buy” rating to a “Hold” for OTIS. Earlier on July 07, 2022, JP Morgan downgraded its rating. Their new recommendation was “a Neutral” for OTIS stock which previously was a “an Overweight”.
Analyzing OTIS Stock Performance
On Wednesday, Otis Worldwide Corporation [NYSE: OTIS] rose 0.72% to $85.23. The stock’s lowest price that day was $84.31, but it reached a high of $85.56 in the same session. During the last five days, there has been a surge of approximately 2.23%. Over the course of the year, Otis Worldwide Corporation shares have jumped approximately 8.84%. Shares of the company reached a 52-week high of $85.56 on 03/01/23 and a 52-week low of $78.41 on 01/03/23. A 50-day SMA is recorded $81.82, while a 200-day SMA reached $75.19. Nevertheless, trading volume fell to 1.88 million shares from 1.36 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 84.51, which, if violated, would cause prices to drop to 83.78. In the upper region, resistance lies at 85.76. The next price resistance is at 86.28. RSI (Relative Strength Index) is 60.86 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.65, which suggests the price will decrease in the coming days. Percent R is at 10.38%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Otis Worldwide Corporation subject to short interest?
Stocks of Otis Worldwide Corporation saw a sharp steep in short interest on Jan 12, 2023 dropping by -1.6 million shares to 4.13 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 5.73 million shares. A decline of -38.74% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.3 of the overall float, the days-to-cover ratio (short ratio) decline to 2.3.
Which companies own the most shares of Otis Worldwide Corporation (OTIS)?
According to The Vanguard Group, Inc. filings, the company currently owns 38,086,290 shares, which is about 9.14% of the total OTIS shares outstanding. The investor’s shares have appreciated by 3,007 from its previous 13-F filing of 38083283.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $1,661,308,149. SSgA Funds Management, Inc. reduced a -0.04% interest valued at $1.31 billion while Geode Capital Management LLC purchased a 100,079 stake. A total of -90,134 shares of Otis Worldwide Corporation were bought by Morgan Stanley Investment Managem during the quarter, and -515,811 were sold by Fiera Capital Corp. In its current portfolio, AllianceBernstein LP holds 9,105,845 shares valued at $748.77 million.
In terms of Otis Worldwide Corporation share price expectations, FactSet research, analysts set an average price target of $84.82 in the next 12 months, down nearly -0.73% from the previous closing price of $84.62. Analysts anticipate Otis Worldwide Corporation stock to reach $95.00 by 2023, with the lowest price target being $72.00. In spite of this, 14 analysts ranked Otis Worldwide Corporation stock as an Overweight at the end of 2023.