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Taking a look at what insiders are doing to gauge the Gates Industrial Corporation plc (GTES)’s direction

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Gates Industrial Corporation plc shares valued at $727,500 were purchased by Neely Wilson S on Feb 28 ’24. At $14.55 per share, Neely Wilson S acquired 50,000 shares. The insider’s holdings grew to 106,664 shares worth approximately $1.75 million following the completion of this transaction.

Also, Neely Wilson S purchased 10,000 shares, netting a total of over 132,400 in proceeds. Following the buying of shares at $13.24 each, the insider now holds 56,664 shares.

Before that, SIMPKINS NEIL P had added 1,000,000 shares to its account. In a trade valued at $12,200,000, the Director bought Gates Industrial Corporation plc shares for $12.20 each. Upon closing the transaction, the insider’s holdings increased to 1,000,000 shares, worth approximately $16.43 million.

As published in a research note from Wolfe Research on March 08, 2024, Gates Industrial Corporation plc [GTES] has been rated up from a Peer perform to an Outperform and the price target has been revised to $20. Analysts at Jefferies started covering the stock with ‘”a Buy”‘ outlook in a report released in late February. As of February 22, 2024, KeyBanc Capital Markets has increased its “Sector weight” rating to a “an Overweight” for GTES. Earlier on June 20, 2023, Goldman downgraded its rating. Their new recommendation was “a Neutral” for GTES stock which previously was a “a Buy”.

Analyzing GTES Stock Performance

During the last five days, there has been a drop of approximately -7.54%. Over the course of the year, Gates Industrial Corporation plc shares have jumped approximately 22.43%. Shares of the company reached a 52-week high of $17.99 on 04/30/24 and a 52-week low of $12.40 on 02/08/24. A 50-day SMA is recorded $16.74, while a 200-day SMA reached $13.39. Nevertheless, trading volume fell to 7.21 million shares from 2.87 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 15.56, which, if violated, would cause prices to drop to 14.70. In the upper region, resistance lies at 17.32. The next price resistance is at 18.22. RSI (Relative Strength Index) is 36.71 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.12, which suggests the price will decrease in the coming days. Percent R is at 64.93%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

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