The Attractiveness of Investing In Otis Worldwide Corporation (OTIS) is Growing


In a filing, Otis Worldwide Corporation revealed its VP, CAO & Controller Ryan Michael Patrick unloaded Company’s shares for reported $0.58 million on Jul 28. In the deal valued at $90.50 per share,6,372 shares were sold. As a result of this transaction, Ryan Michael Patrick now holds 0 shares worth roughly $ 0.0.

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Then, Calleja Fernandez Bernardo sold 3,992 shares, generating $362,060 in total proceeds. Upon selling the shares at $90.70, the President, Otis EMEA now owns 42,097 shares.

Before that, Calleja Fernandez Bernardo sold 703 shares. Otis Worldwide Corporation shares valued at $61,058 were divested by the President, Otis EMEA at a price of $86.85 per share. As a result of the transaction, Calleja Fernandez Bernardo now holds 22,215 shares, worth roughly $1.87 million.

Wells Fargo upgraded its Otis Worldwide Corporation [OTIS] rating to an Equal weight from a an Underweight in a research note published on Tuesday, May 01, 2023; the price target was increased to $88 from $75. PT values the company’s stock at a premium of 4.15 to its Tuesday closing price.

Price Performance Review of OTIS

On Tuesday, Otis Worldwide Corporation [NYSE:OTIS] saw its stock fall -2.11% to $84.35. On the same session, the stock had its day’s lowest price of $84.17, but rose to a high of $86.26. Over the last five days, the stock has lost -0.34%. Otis Worldwide Corporation shares have risen nearly 7.71% since the year began. Nevertheless, the stocks have risen 15.99% over the past one year. While a 52-week high of $91.33 was reached on 07/27/23, a 52-week low of $62.49 was recorded on 04/10/23. SMA at 50 days reached $87.22, while 200 days put it at $83.55. A total of 1.81 million shares were traded, compared to the trading of 1.19 million shares in the previous session.

Levels Of Support And Resistance For OTIS Stock

The 24-hour chart illustrates a support level at 83.59, which if violated will result in even more drops to 82.84. On the upside, there is a resistance level at 85.68. A further resistance level may holdings at 87.02. The Relative Strength Index (RSI) on the 14-day chart is 42.47, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.94, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 58.02%. Stochastics %K at 69.34% indicates the stock is a holding.

How much short interest is there in Otis Worldwide Corporation?

A steep rise in short interest was recorded in Otis Worldwide Corporation stocks on Aug 14, 2023, dropping by -0.68 million shares to a total of 3.78 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 4.46 million shares. There was a decline of -17.99%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 0.92% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.9.

According to FactSet, Otis Worldwide Corporation’s share price will average $90.62 in the next year, based on opinions of analysts polled by the firm. This is up nearly 6.77 percent from its previous closing price of $86.17. Analysts expect Otis Worldwide Corporation stock to reach the higher price of $100.00, while the lowest price estimate is $78.00. However, 15 analysts have rated OTIS stock as an Overweight in their predictions for 2023.


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