As this happened, BofA Securities upgraded its Gerdau S.A. ADR [GGB] rating to a Buy from a a Neutral in a research note published on May 24, 2024; the price target was increased to $5 from $4.50. A number of analysts have revised their coverage, including JP Morgan’s analysts, who increased its forecast for the stock in mid April from “a Neutral” to “an Overweight”. BofA Securities also remained covering GGB and has decreased its forecast on November 20, 2023 with a “Neutral” recommendation from previously “Buy” rating. JP Morgan revised its rating on February 09, 2023. It rated GGB as “a Neutral” which previously was an “an Overweight”.
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Price Performance Review of GGB
On Tuesday, Gerdau S.A. ADR [NYSE:GGB] saw its stock jump 0.58% to $3.48. Over the last five days, the stock has gained 1.16%. Gerdau S.A. ADR shares have fallen nearly -13.90% since the year began. Nevertheless, the stocks have fallen -8.42% over the past one year. While a 52-week high of $4.10 was reached on 01/02/24, a 52-week low of $2.92 was recorded on 08/05/24. SMA at 50 days reached $3.35, while 200 days put it at $3.41.
Levels Of Support And Resistance For GGB Stock
The 24-hour chart illustrates a support level at 3.46, which if violated will result in even more drops to 3.44. On the upside, there is a resistance level at 3.50. A further resistance level may holdings at 3.52. The Relative Strength Index (RSI) on the 14-day chart is 56.58, 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 18.18%. Stochastics %K at 59.85% indicates the stock is a holding.
How much short interest is there in Gerdau S.A. ADR?
A steep rise in short interest was recorded in Gerdau S.A. ADR stocks on 2024-11-29, growing by 5.54 million shares to a total of 10.77 million shares. Yahoo Finance data shows the prior-month short interest on 2024-10-31 was 5.22 million shares. There was a rise of 51.48%, which implies that there is a positive sentiment for the stock.
