Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Gentex Corporation shares valued at $279,948 were sold by Ryan Scott P on Feb 21. At $28.29 per share, Ryan Scott P sold 9,895 shares. The insider’s holdings dropped to 20,631 shares worth approximately $0.59 million following the completion of this transaction.
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Also, Downing Steven R sold 17,730 shares, netting a total of over 535,588 in proceeds. Following the sale of shares at $30.21 each, the insider now holds 118,506 shares.
Before that, Nash Kevin C had sold 6,776 shares from its account. In a trade valued at $199,372, the Chief Financial Officer traded Gentex Corporation shares for $29.42 each. Upon closing the transaction, the insider’s holdings decreased to 6,776 shares, worth approximately $0.65 million.
As published in a research note from Goldman on December 14, 2022, Gentex Corporation [GNTX] has been rated up from a Sell to a Neutral and the price target has been revised to $26 from $24. This represents a -9.88% premium over Thursday’s closing price. Analysts at Exane BNP Paribas started covering the stock with ‘”an Outperform”‘ outlook in a report released in mid April. As of July 26, 2021, Seaport Global Securities has increased its “Neutral” rating to a “Buy” for GNTX. Earlier on January 28, 2021, Seaport Global Securities initiated its rating. Their recommendation was “a Neutral” for GNTX stock.
Analyzing GNTX Stock Performance
On Thursday, Gentex Corporation [NASDAQ: GNTX] rose 0.88% to $28.57. The stock’s lowest price that day was $27.89, but it reached a high of $28.59 in the same session. During the last five days, there has been a surge of approximately 0.60%. Over the course of the year, Gentex Corporation shares have jumped approximately 4.77%. Shares of the company reached a 52-week high of $30.41 on 02/02/23 and a 52-week low of $27.35 on 01/03/23. A 50-day SMA is recorded $28.36, while a 200-day SMA reached $27.76. Nevertheless, trading volume fell to 1.22 million shares from 1.3 million shares the previous day.
Support And Resistance Levels for Gentex Corporation (GNTX)
According to the 24-hour chart, there is a support level at 28.10, which, if violated, would cause prices to drop to 27.89. In the upper region, resistance lies at 28.73. The next price resistance is at 29.15. RSI (Relative Strength Index) is 50.35 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.06, which suggests the price will decrease in the coming days. Percent R is at 30.17%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Gentex Corporation subject to short interest?
Stocks of Gentex Corporation saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.17 million shares to 2.6 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 2.43 million shares. A jump of 6.54% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.96 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.96.
Which companies own the most shares of Gentex Corporation (GNTX)?
According to The Vanguard Group, Inc. filings, the company currently owns 23,309,682 shares, which is about 9.94% of the total GNTX shares outstanding. The investor’s shares have appreciated by 311,975 from its previous 13-F filing of 22997707.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $561,404,437. Ariel Investments LLC reduced a -4.06% interest valued at $261.22 million while Edgepoint Investment Group, Inc. purchased a 11,000 stake. A total of 193,533 shares of Gentex Corporation were bought by SSgA Funds Management, Inc. during the quarter, and 82,690 were bought by Cooke & Bieler LP. In its current portfolio, Beutel, Goodman & Co. Ltd. holds 5,120,468 shares valued at $151.11 million.
In terms of Gentex Corporation share price expectations, FactSet research, analysts set an average price target of $31.78 in the next 12 months, up nearly 12.99% from the previous closing price of $28.32. Analysts anticipate Gentex Corporation stock to reach $35.00 by 2023, with the lowest price target being $27.00. In spite of this, 11 analysts ranked Gentex Corporation stock as an Overweight at the end of 2023. On October 20, 2020, Robert W. Baird assigned a price target of “an Outperform” to the stock and resumed coverage with a $32.