With the current price of $3.28, the stock of Garrett Motion Inc. (NYSE:GTX) concluded the trading session seeing its price drop by -0.56 points or at a loss of -14.58% compared to its previous day’s closing price of $3.84. About 5.255 million shares of the stock changed hands on the day. The trading volume of GTX’s shares during the past session compares with the stock’s average daily trading volume of 1.034 million shares. On the other hand, a float of 75.12 million shares and a weekly performance of -49.46% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $5.7 for GTX’s share which suggests that the stock, price of which is currently buoying between $3.22 and $3.89, has a potential to gain 73.78%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $2 to the stock.
The latest data released on July 31, 2020 shows that the short float in the Garrett Motion Inc.’s stock is trending downward as short interest in GTX shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the GTX is currently comprised of 2.14% of the float. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to shares from the previous figure of shares. Stock’s average intraday volume is now standing at shares which indicate that the days to cover the shorts are nearly.
After concluding the day’s trading, price of Garrett Motion Inc. (NYSE:GTX) is down -$3.21 over the week and it is -$2.87 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $12.64 that was attained on 09/13/19.
The stock has traded as low as $2.5 in past 52-week, and its current price is 31.2% above from that 52-week low price mark recorded on 03/23/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 25.5 as 14-days RSI of Garrett Motion Inc. This means that the GTX is currently in an overbought territory and its share’s price movement is likely to be shaky for a while. Similarly, the stochastic oscillator is indicating a momentum of 27.34%, implying stock’s share price is buoying in an overbought state.
Technical chart is showing 1st resistance point of $3.71 for the GTX’s share while placing it at a 2nd resistance point of $4.13 to be settled at. But if the stock takes a plunge lower than the 1st support price of $3.04 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $2.79.
MACD oscillator is showing a reading of -1.38 for the stock which means that it is currently in the red zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Morgan Stanley started covering the GTX stock on September 10, recommending Underweight rating for it while assigning the price target of $8. The stock gets its recommendation upgraded from Underperform to Sector Perform from the analysts at RBC Capital Mkts in their January 23 note to investors.Jefferies analysts started covering the stock with recommendation of Hold rating on December 04, while suggesting a price target of $13 to it.
The average rating of 3.2 for GTX is placing the stock in bearish category at the moment. In a poll by Reuters including 4 analysts in it who kept tracking the Garrett Motion Inc., 3 rated the stock as hold. Others were in different opinions for the GTX. Out of remaining 1 analysts, 0 rated the stock as a buy or strong buy. 1 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that GTX stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 1.14.
Projection by Zacks Consensus Estimates suggests that Garrett Motion Inc. (NYSE:GTX) will see its current-quarter revenues drop by nearly -99.86% to be decreased to about $691 million. Full-year revenue of the company is however forecasted to be fell to nearly -17.54% to bring $2680 million in revenues against last year revenue of $3250 million. Earnings, after adjustments, are likely to surge by 4% to post an EPS of $0.52, while estimate for company’s full year earnings is $1.67 per share with a growth rate of -46.47%.