Gates Industrial Corporation plc’s recently made public that its 10% Owner Blackstone Inc. unloaded Company’s shares for reported $328.64 million on May 21 ’24. In the deal valued at $16.33 per share,20,125,000 shares were sold. As a result of this transaction, Blackstone Inc. now holds 77,326 shares worth roughly $1.37 million.
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Then, Omaha Aggregator (Cayman) L.P. sold 20,125,000 shares, generating $328,641,250 in total proceeds. Upon selling the shares at $16.33, the 10% Owner now owns 77,326 shares.
Before that, BX GATES ML-1 HOLDCO LLC sold 20,125,000 shares. Gates Industrial Corporation plc shares valued at $328,641,250 were divested by the 10% Owner at a price of $16.33 per share. As a result of the transaction, BX GATES ML-1 HOLDCO LLC now holds 77,326 shares, worth roughly $1.37 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 0.57% to $17.68. Over the last five days, the stock has gained 1.90%. Gates Industrial Corporation plc shares have risen nearly 31.74% since the year began. Nevertheless, the stocks have risen 54.95% 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 $17.30, while 200 days put it at $13.71. A total of 1.73 million shares were traded, compared to the trading of 2.35 million shares in the previous session.
Levels Of Support And Resistance For GTES Stock
The 24-hour chart illustrates a support level at 17.56, which if violated will result in even more drops to 17.45. On the upside, there is a resistance level at 17.76. A further resistance level may holdings at 17.85. The Relative Strength Index (RSI) on the 14-day chart is 59.54, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.49, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 12.03%. Stochastics %K at 85.75% indicates the stock is a selling.
