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Gates Industrial Corporation plc (GTES) gets rating Upgrade from Wolfe Research

Gates Industrial Corporation plc’s filing revealed that its Director Neely Wilson S acquired Company’s shares for reported $0.73 million on Feb 28 ’24. In the deal valued at $14.55 per share,50,000 shares were bought. As a result of this transaction, Neely Wilson S now holds 106,664 shares worth roughly $1.8 million.

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Then, Neely Wilson S bought 10,000 shares, generating $132,400 in total proceeds. Upon buying the shares at $13.24, the Director now owns 56,664 shares.

Before that, SIMPKINS NEIL P bought 1,000,000 shares. Gates Industrial Corporation plc shares valued at $12,200,000 were divested by the Director at a price of $12.20 per share. As a result of the transaction, SIMPKINS NEIL P now holds 1,000,000 shares, worth roughly $16.84 million.

Wolfe Research upgraded its Gates Industrial Corporation plc [GTES] rating to an Outperform from a a Peer perform in a research note published recently. A number of analysts have revised their coverage, including Jefferies’s analysts, who began to cover the stock in late February with a ‘”a Buy”‘ rating. KeyBanc Capital Markets also remained covering GTES and has increased its forecast on February 22, 2024 with a “an Overweight” recommendation from previously “Sector weight” rating. Goldman revised its rating on June 20, 2023. It rated GTES as “a Neutral” which previously was an “a Buy”.

Price Performance Review of GTES

On Friday, Gates Industrial Corporation plc [NYSE:GTES] saw its stock jump 0.72% to $16.84. Over the last five days, the stock has gained 4.08%. Gates Industrial Corporation plc shares have risen nearly 25.48% since the year began. Nevertheless, the stocks have risen 23.37% over the past one year. While a 52-week high of $17.99 was reached on 04/30/24, a 52-week low of $10.68 was recorded on 02/08/24. SMA at 50 days reached $17.02, while 200 days put it at $13.50. A total of 1.42 million shares were traded, compared to the trading of 1.26 million shares in the previous session.

Levels Of Support And Resistance For GTES Stock

The 24-hour chart illustrates a support level at 16.62, which if violated will result in even more drops to 16.40. On the upside, there is a resistance level at 16.98. A further resistance level may holdings at 17.13. The Relative Strength Index (RSI) on the 14-day chart is 48.03, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.29, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 47.81%. Stochastics %K at 46.76% indicates the stock is a holding.

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