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. Goodyear Tire & Rubber Co. shares valued at $100,579 were sold by WELLS DARREN R on Feb 28 ’24. At $11.82 per share, WELLS DARREN R sold 8,509 shares. The insider’s holdings dropped to 150,441 shares worth approximately $2.04 million following the completion of this transaction.
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Also, WELLS DARREN R sold 237 shares, netting a total of over 2,845 in proceeds. Following the sale of shares at $12.01 each, the insider now holds 150,441 shares.
Before that, WELLS DARREN R had sold 10,574 shares from its account. In a trade valued at $131,034, the EVP & Chief Admin. Officer traded Goodyear Tire & Rubber Co. shares for $12.39 each. Upon closing the transaction, the insider’s holdings decreased to 10,574 shares, worth approximately $1.66 million.
As published in their initiating research note from HSBC Securities on December 04, 2023, Goodyear Tire & Rubber Co. [GT] has been a Buy and the price target has been revised to $16.80. Analysts at Deutsche Bank upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in mid November. As of May 17, 2023, Nomura has decreased its “Buy” rating to a “Neutral” for GT. Earlier on May 15, 2023, Exane BNP Paribas upgraded its rating. Their new recommendation was “a Neutral” for GT stock which previously was a “an Underperform”.
Analyzing GT Stock Performance
During the last five days, there has been a surge of approximately 3.19%. Over the course of the year, Goodyear Tire & Rubber Co. shares have dropped approximately -5.24%. Shares of the company reached a 52-week high of $14.97 on 01/26/24 and a 52-week low of $11.26 on 02/14/24. A 50-day SMA is recorded $12.98, while a 200-day SMA reached $13.33. Nevertheless, trading volume fell to 2.78 million shares from 3.75 million shares the previous day.
Support And Resistance Levels for Goodyear Tire & Rubber Co. (GT)
According to the 24-hour chart, there is a support level at 13.25, which, if violated, would cause prices to drop to 12.93. In the upper region, resistance lies at 13.73. The next price resistance is at 13.89. RSI (Relative Strength Index) is 65.86 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.45, which suggests the price will decrease in the coming days. Percent R is at 0.00%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Goodyear Tire & Rubber Co. subject to short interest?
Stocks of Goodyear Tire & Rubber Co. saw a sharp rise in short interest on Feb 29, 2024 jumping by 2.1 million shares to 16.07 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 13.97 million shares. A jump of 13.07% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.01 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.01.
