Technical Outlook And Game Plan For Gates Industrial Corporation plc (NYSE: GTES)

Gates Industrial Corporation plc (GTES) concluded trading on Wednesday at a closing price of $17.60, with 4.16 million shares of worth about $73.16 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 53.44% during that period and on April 3, 2024 the price saw a gain of about 0.34%. Currently the company’s common shares owned by public are about 264.26M shares, out of which, 189.57M shares are available for trading.

Stock saw a price change of 0.51% in past 5 days and over the past one month there was a price change of 18.36%. Year-to-date (YTD), GTES shares are showing a performance of 31.15% which increased to 26.71% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $10.68 but also hit the highest price of $17.85 during that period. The average intraday trading volume for Gates Industrial Corporation plc shares is 3.03 million. The stock is currently trading 3.47% above its 20-day simple moving average (SMA20), while that difference is up 18.07% for SMA50 and it goes to 35.84% higher than SMA200.

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Gates Industrial Corporation plc (NYSE: GTES) currently have 264.26M outstanding shares and institutions hold larger chunk of about 63.73% of that.

The stock has a current market capitalization of $4.65B and its 3Y-monthly beta is at 1.56. PE ratio of stock for trailing 12 months is 20.59, while it has posted earnings per share of $0.85 in the same period. Its PEG reads 1.87 and has Quick Ratio of 2.25 while making debt-to-equity ratio of 0.80. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for GTES, volatility over the week remained 1.08% while standing at 2.15% over the month.

Analysts are in expectations that Gates Industrial Corporation plc (GTES) stock would likely to be making an EPS of $0.31 in the current quarter, while forecast for next quarter EPS is $0.36 and it is $1.65 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.28 which is $0.34 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.25 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 3.49% while it is estimated to increase by 17.29% in next year. EPS is likely to grow at an annualized rate of 11.00% for next 5-years, compared to annual growth of 0.10% made by the stock over the past 5-years.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Wolfe Research on March 08, 2024 offering an Outperform rating for the stock and assigned a target price of $20 to it. Coverage by Jefferies stated Gates Industrial Corporation plc (GTES) stock as a Buy in their note to investors on February 29, 2024, suggesting a price target of $21 for the stock. On February 22, 2024, KeyBanc Capital Markets Upgrade their recommendations, while on June 20, 2023, Goldman Downgrade their ratings for the stock with a price target of $14.50. Stock get a Sector weight rating from KeyBanc Capital Markets on February 10, 2023.

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