10% Owner Omaha Aggregator (Cayman) L.P. sold 17,250,000 shares of Gates Industrial Corporation plc [GTES]

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. Gates Industrial Corporation plc shares valued at $192,337,500 were sold by Omaha Aggregator (Cayman) L.P. on Dec 13. At $11.15 per share, Omaha Aggregator (Cayman) L.P. sold 17,250,000 shares. The insider’s holdings dropped to 143,510 shares worth approximately $1.8 million following the completion of this transaction.

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Also, Blackstone Inc. sold 17,250,000 shares, netting a total of over 192,337,500 in proceeds. Following the sale of shares at $11.15 each, the insider now holds 143,510 shares.

Before that, BX GATES ML-1 HOLDCO LLC had sold 17,250,000 shares from its account. In a trade valued at $192,337,500, the 10% Owner traded Gates Industrial Corporation plc shares for $11.15 each. Upon closing the transaction, the insider’s holdings decreased to 17,250,000 shares, worth approximately $1.8 million.

As published in a research note from Goldman on June 20, 2023, Gates Industrial Corporation plc [GTES] has been rated down from a Buy to a Neutral and the price target has been revised to $14.50.

Analyzing GTES Stock Performance

During the last five days, there has been a drop of approximately -5.22%. Over the course of the year, Gates Industrial Corporation plc shares have dropped approximately -6.63%. Shares of the company reached a 52-week high of $13.72 on 01/12/24 and a 52-week low of $12.40 on 02/08/24. A 50-day SMA is recorded $12.88, while a 200-day SMA reached $12.44. Nevertheless, trading volume fell to 3.65 million shares from 1.55 million shares the previous day.

Support And Resistance Levels for Gates Industrial Corporation plc (GTES)

According to the 24-hour chart, there is a support level at 12.22, which, if violated, would cause prices to drop to 11.91. In the upper region, resistance lies at 13.02. The next price resistance is at 13.52. RSI (Relative Strength Index) is 38.72 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.03, which suggests the price will decrease in the coming days. Percent R is at 86.03%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Gates Industrial Corporation plc subject to short interest?

Stocks of Gates Industrial Corporation plc saw a sharp steep in short interest on Jan 11, 2024 dropping by -0.88 million shares to 2.71 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2023 was 3.59 million shares. A decline of -32.47% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.2 of the overall float, the days-to-cover ratio (short ratio) decline to 1.2.

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