The stock of Garrett Motion Inc. (NYSE:GTX) is now priced at $2.75 and the shares are -0.55 points down or -16.67% lower compared to its previous closing price of $3.3. The stock had 5.659 million contracts set over the past session. GTX shares’ daily volume is compared to its average trading volume at 0.001 billion shares. However, it has a float of 75.12 million and although its performance was -61.16% over the week, it’s one to watch. Analysts have given the GTX stock a yearly average price target of $5.7 per share. It means the stock’s upside potential is 107.27% with the GTX share price recently placing at $2.74 to $3.3. However, some brokerage firms have priced the stock below the average, including one that has called $2.
The shorts are running away from the Garrett Motion Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the GTX shares have declined. Short interest in the stock represents just 1.83% of its float, but the volume has dropped by 0.
In the last trading session, Garrett Motion Inc. (NYSE:GTX) dropped by -$4.33 over the week and lost -$2.85 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $12.64. The stock recorded its established 52-week high on 09/13/19.
Since 03/23/20, the stock has traded to a low of $2.5 at 10%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Garrett Motion Inc.’s two-week RSI is 24.27. This suggests that the stock is overbought at the moment and that GTX shares’ price movement remains not stable. The stochastic readings are equally revealing at 1.25% meaning the GTX share price is currently in overbought territory.
The technical chart shows that the GTX stock will likely settle at between $3.12 and $3.49 per share. However, if the stock dips below $2.56, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.37.
Currently, the stock is trading in the red of MACD, with a reading of -2.08. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned GTX a rating of Underweight in their intiating review released on September 10. RBC Capital Mkts analysts upgraded their recommendation of the stock from Underperform to Sector Perform in a flash note released to investors on January 23. Jefferies analysts see the stock as Hold when the analysts initiated the share price coverage on December 04, placing it at $13.
The average rating for the GTX equity is 3.2 and is currently gathering a bearish momentum. Of 4 analysts tracking Garrett Motion Inc. polled by Reuters, 3 rated GTX as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the GTX stock price is 0.96X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Garrett Motion Inc. (NYSE:GTX) will decrease by about -99.86%, which will see them reach $691 million. The company’s full-year revenues are, however, expected to diminish by about -17.54%, down from $3250 million to $2680 million. GTX’s expected adjusted earnings should surge almost 4% to end up at $0.52 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -46.47% to record $1.67/share.