Gates Industrial Corporation plc’s filing revealed that its Director Neely Wilson S acquired Company’s shares for reported $0.2 million on Aug 21 ’24. In the deal valued at $16.80 per share,11,952 shares were bought. As a result of this transaction, Neely Wilson S now holds 6,000 shares worth roughly $0.11 million.
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Then, Blackstone Inc. sold 30,539,203 shares, generating $506,339,986 in total proceeds. Upon selling the shares at $16.58, the 10% Owner now owns 31,805 shares.
Before that, Omaha Aggregator (Cayman) L.P. sold 30,539,203 shares. Gates Industrial Corporation plc shares valued at $506,339,986 were divested by the 10% Owner at a price of $16.58 per share. As a result of the transaction, Omaha Aggregator (Cayman) L.P. now holds 31,805 shares, worth roughly $0.56 million.
Morgan Stanley initiated its Gates Industrial Corporation plc [GTES] rating to an Equal-weight in a research note published on September 06, 2024; the price target was $19. A number of analysts have revised their coverage, including RBC Capital Mkts’s analysts, who increased its forecast for the stock in mid August from “a Sector perform” to “an Outperform”. Wolfe Research also remained covering GTES and has increased its forecast on March 08, 2024 with a “an Outperform” recommendation from previously “Peer perform” rating. Jefferies started covering the stock on February 29, 2024. It rated GTES as “a Buy”.
Price Performance Review of GTES
On Friday, Gates Industrial Corporation plc [NYSE:GTES] saw its stock jump 2.14% to $17.70. Over the last five days, the stock has gained 1.09%. Gates Industrial Corporation plc shares have risen nearly 31.89% since the year began. Nevertheless, the stocks have risen 54.59% over the past one year. While a 52-week high of $19.07 was reached on 07/31/24, a 52-week low of $10.68 was recorded on 02/08/24. SMA at 50 days reached $17.24, while 200 days put it at $16.19.
Levels Of Support And Resistance For GTES Stock
The 24-hour chart illustrates a support level at 17.51, which if violated will result in even more drops to 17.31. On the upside, there is a resistance level at 17.82. A further resistance level may holdings at 17.93. The Relative Strength Index (RSI) on the 14-day chart is 55.64, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.01, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 28.72%. Stochastics %K at 46.41% indicates the stock is a holding.
How much short interest is there in Gates Industrial Corporation plc?
A steep rise in short interest was recorded in Gates Industrial Corporation plc stocks on 2024-09-30, dropping by -0.2 million shares to a total of 8.69 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-30 was 8.89 million shares. There was a decline of -2.27%, which implies that there is a negative sentiment for the stock.
