Garrett Motion Inc (NYSE:GTX) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 2,090,000 shares, a growth of 52.6% from the August 15th total of 1,370,000 shares. Currently, 2.8% of the shares of the company are sold short. Based on an average daily trading volume, of 1,730,000 shares, the days-to-cover ratio is currently 1.2 days.
Shares of Garrett Motion stock traded down $0.08 on Wednesday, reaching $3.09. The stock had a trading volume of 3,391 shares, compared to its average volume of 1,247,673. Garrett Motion has a 1 year low of $2.50 and a 1 year high of $12.59. The company has a market cap of $239.77 million, a P/E ratio of 1.11, a price-to-earnings-growth ratio of 0.43 and a beta of 2.91. The business’s 50 day moving average is $5.19 and its two-hundred day moving average is $5.07.
Garrett Motion (NYSE:GTX) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.72. Garrett Motion had a net margin of 7.66% and a negative return on equity of 8.10%. The firm had revenue of $477.00 million for the quarter, compared to the consensus estimate of $356.00 million. On average, research analysts forecast that Garrett Motion will post 1.95 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in the company. Kingstown Capital Management L.P. bought a new position in shares of Garrett Motion in the first quarter worth approximately $5,720,000. Morgan Stanley increased its position in shares of Garrett Motion by 177.4% in the first quarter. Morgan Stanley now owns 1,559,253 shares of the company’s stock worth $4,460,000 after purchasing an additional 997,151 shares during the last quarter. State Street Corp increased its position in shares of Garrett Motion by 26.6% in the first quarter. State Street Corp now owns 1,336,592 shares of the company’s stock worth $3,823,000 after purchasing an additional 280,778 shares during the last quarter. America First Investment Advisors LLC increased its position in shares of Garrett Motion by 2.9% in the second quarter. America First Investment Advisors LLC now owns 1,237,694 shares of the company’s stock worth $6,857,000 after purchasing an additional 34,505 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Garrett Motion by 10.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 969,910 shares of the company’s stock worth $5,374,000 after purchasing an additional 90,248 shares during the last quarter. 78.76% of the stock is currently owned by hedge funds and other institutional investors.
GTX has been the topic of a number of research analyst reports. Barclays boosted their price target on shares of Garrett Motion from $5.00 to $7.00 and gave the stock an “equal weight” rating in a report on Friday, July 24th. Jefferies Financial Group reaffirmed a “hold” rating and set a $6.00 price objective on shares of Garrett Motion in a report on Wednesday, June 17th. ValuEngine downgraded shares of Garrett Motion from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. Finally, Zacks Investment Research downgraded shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $5.20.
About Garrett Motion
Garrett Motion Inc designs, manufactures, and sells turbocharger and electric boosting technologies for light and commercial vehicle original equipment manufacturers and the aftermarket worldwide. The company offers light vehicle gasoline and diesel, and commercial vehicle turbochargers. Its integrated vehicle health management tools detect intermittent faults and anomalies to provide understanding of the real-time health of a vehicle system.
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