The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Otis Worldwide Corporation shares valued at $576,676 were sold by Ryan Michael Patrick on Jul 28. At $90.50 per share, Ryan Michael Patrick sold 6,372 shares. The insider’s holdings dropped to 0 shares worth approximately $0.0 following the completion of this transaction.
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Also, Calleja Fernandez Bernardo sold 3,992 shares, netting a total of over 362,060 in proceeds. Following the sale of shares at $90.70 each, the insider now holds 42,097 shares.
Before that, Calleja Fernandez Bernardo had sold 703 shares from its account. In a trade valued at $61,058, the President, Otis EMEA traded Otis Worldwide Corporation shares for $86.85 each. Upon closing the transaction, the insider’s holdings decreased to 703 shares, worth approximately $1.9 million.
As published in a research note from Wells Fargo on May 01, 2023, Otis Worldwide Corporation [OTIS] has been rated up from an Underweight to an Equal weight and the price target has been revised to $88 from $75. This represents a 2.78% premium over Thursday’s closing price.
Analyzing OTIS Stock Performance
On Thursday, Otis Worldwide Corporation [NYSE: OTIS] plunged -0.13% to $85.55. The stock’s lowest price that day was $85.53, but it reached a high of $86.57 in the same session. During the last five days, there has been a surge of approximately 3.27%. Over the course of the year, Otis Worldwide Corporation shares have jumped approximately 9.25%. Shares of the company reached a 52-week high of $91.33 on 07/27/23 and a 52-week low of $76.89 on 04/10/23. A 50-day SMA is recorded $87.25, while a 200-day SMA reached $83.48. Nevertheless, trading volume fell to 1.92 million shares from 1.58 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 85.20, which, if violated, would cause prices to drop to 84.84. In the upper region, resistance lies at 86.24. The next price resistance is at 86.92. RSI (Relative Strength Index) is 47.81 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.99, which suggests the price will decrease in the coming days. Percent R is at 37.77%, indicating low price movement. Stochastics %K at holding 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 Aug 14, 2023 dropping by -0.68 million shares to 3.78 million. Data from Yahoo Finance shows that the short interest on Jul 13, 2023 was 4.46 million shares. A decline of -17.99% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.9 of the overall float, the days-to-cover ratio (short ratio) decline to 1.9.
Which companies own the most shares of Otis Worldwide Corporation (OTIS)?
According to The Vanguard Group, Inc. filings, the company currently owns 38,489,825 shares, which is about 9.35% of the total OTIS shares outstanding. The investor’s shares have plunged by -199,392 from its previous 13-F filing of 38689217.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $1,837,767,847. SSgA Funds Management, Inc. acquire a 1.50% interest valued at $1.46 billion while AllianceBernstein LP purchased a 2,999,494 stake. A total of 285,489 shares of Otis Worldwide Corporation were bought by Geode Capital Management LLC during the quarter, and -170,652 were sold by Morgan Stanley Investment Managem. In its current portfolio, Capital Research & Management Co holds 8,981,945 shares valued at $817.0 million.
In terms of Otis Worldwide Corporation share price expectations, FactSet research, analysts set an average price target of $90.62 in the next 12 months, up nearly 7.4% from the previous closing price of $85.66. Analysts anticipate Otis Worldwide Corporation stock to reach $100.00 by 2023, with the lowest price target being $78.00. In spite of this, 15 analysts ranked Otis Worldwide Corporation stock as an Overweight at the end of 2023.