BWS Financial gives a Buy recommendation for Garrett Motion Inc (GTX)

Garrett Motion Inc’s recently made public that its 10% Owner Sessa Capital GP, LLC unloaded Company’s shares for reported $90.0 million on Mar 06 ’24. In the deal valued at $9.00 per share,10,000,000 shares were sold. As a result of this transaction, Sessa Capital GP, LLC now holds 15,236,484 shares worth roughly $144.9 million.

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Then, CYRUS CAPITAL PARTNERS, L.P. sold 200,000 shares, generating $1,960,000 in total proceeds. Upon selling the shares at $9.80, the 10% Owner now owns 28,827,284 shares.

Before that, CYRUS CAPITAL PARTNERS, L.P. sold 300,000 shares. Garrett Motion Inc shares valued at $2,920,290 were divested by the 10% Owner at a price of $9.73 per share. As a result of the transaction, CYRUS CAPITAL PARTNERS, L.P. now holds 29,027,284 shares, worth roughly $276.05 million.

BWS Financial initiated its Garrett Motion Inc [GTX] rating to a Buy in a research note published on June 03, 2021; the price target was $15.

Price Performance Review of GTX

On Tuesday, Garrett Motion Inc [NASDAQ:GTX] saw its stock jump 0.21% to $9.51. Over the last five days, the stock has lost -1.45%. Garrett Motion Inc shares have fallen nearly -1.65% since the year began. Nevertheless, the stocks have risen 30.27% over the past one year. While a 52-week high of $9.95 was reached on 03/04/24, a 52-week low of $6.43 was recorded on 02/06/24. SMA at 50 days reached $9.08, while 200 days put it at $8.06. A total of 0.65 million shares were traded, compared to the trading of 0.44 million shares in the previous session.

Levels Of Support And Resistance For GTX Stock

The 24-hour chart illustrates a support level at 9.40, which if violated will result in even more drops to 9.29. On the upside, there is a resistance level at 9.62. A further resistance level may holdings at 9.73. The Relative Strength Index (RSI) on the 14-day chart is 55.86, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.04, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 50.57%. Stochastics %K at 51.52% indicates the stock is a holding.

How much short interest is there in Garrett Motion Inc?

A steep rise in short interest was recorded in Garrett Motion Inc stocks on Feb 29, 2024, growing by 2.21 million shares to a total of 4.65 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 2.44 million shares. There was a rise of 47.53%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 2.21% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.29.

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