Gates Industrial Corporation plc [GTES] stock was sold by Blackstone Inc. at the price of US$199.58 million


Gates Industrial Corporation plc’s recently made public that its 10% Owner Blackstone Inc. unloaded Company’s shares for reported $199.58 million on Aug 14. In the deal valued at $11.57 per share,17,250,000 shares were sold. As a result of this transaction, Blackstone Inc. now holds 169,223 shares worth roughly $ 2.1 million.

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Then, BX GATES ML-1 HOLDCO LLC sold 17,250,000 shares, generating $199,582,500 in total proceeds. Upon selling the shares at $11.57, the 10% Owner now owns 169,223 shares.

Before that, Omaha Aggregator (Cayman) L.P. sold 17,250,000 shares. Gates Industrial Corporation plc shares valued at $199,582,500 were divested by the 10% Owner at a price of $11.57 per share. As a result of the transaction, Omaha Aggregator (Cayman) L.P. now holds 169,223 shares, worth roughly $2.1 million.

Goldman downgraded its Gates Industrial Corporation plc [GTES] rating to a Neutral from a a Buy in a research note published on Friday. PT values the company’s stock at a premium of 14.28 to its Friday closing price.

Price Performance Review of GTES

On Friday, Gates Industrial Corporation plc [NYSE:GTES] saw its stock jump 1.22% to $12.43. On the same session, the stock had its day’s lowest price of $12.255, but rose to a high of $12.45. Over the last five days, the stock has gained 5.43%. Gates Industrial Corporation plc shares have risen nearly 8.94% since the year began. Nevertheless, the stocks have risen 15.95% over the past one year. While a 52-week high of $14.93 was reached on 05/04/23, a 52-week low of $9.40 was recorded on 05/24/23. SMA at 50 days reached $12.81, while 200 days put it at $12.77. A total of 1.03 million shares were traded, compared to the trading of 1.8 million shares in the previous session.

Levels Of Support And Resistance For GTES Stock

The 24-hour chart illustrates a support level at 12.31, which if violated will result in even more drops to 12.18. On the upside, there is a resistance level at 12.50. A further resistance level may holdings at 12.57. The Relative Strength Index (RSI) on the 14-day chart is 54.35, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.44, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 2.02%. Stochastics %K at 96.73% indicates the stock is a selling.

How much short interest is there in Gates Industrial Corporation plc?

A steep rise in short interest was recorded in Gates Industrial Corporation plc stocks on Aug 14, 2023, dropping by -0.26 million shares to a total of 1.24 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 1.5 million shares. There was a decline of -20.97%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 1.47% of the overall stock float, the days-to-cover ratio (short ratio) fell to 0.68.

According to FactSet, Gates Industrial Corporation plc’s share price will average $15.94 in the next year, based on opinions of analysts polled by the firm. This is up nearly 22.15 percent from its previous closing price of $12.28. Analysts expect Gates Industrial Corporation plc stock to reach the higher price of $20.00, while the lowest price estimate is $14.00. However, 11 analysts have rated GTES stock as a Hold in their predictions for 2023.


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