Garrett Motion (NYSE:GTX) Trading 6.5% Higher – Here’s What Happened

Garrett Motion Inc. (NYSE:GTX)’s share price shot up 6.5% during trading on Monday . The stock traded as high as $7.94 and last traded at $7.82. 776,227 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 945,345 shares. The stock had previously closed at $7.34.

Wall Street Analyst Weigh In

Separately, BWS Financial reissued a “buy” rating and set a $12.00 price objective on shares of Garrett Motion in a research report on Friday.

Garrett Motion Trading Up 9.8 %

The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 6.35 and a beta of 0.67. The firm’s fifty day moving average price is $9.12 and its 200 day moving average price is $8.72.

Insiders Place Their Bets

In other Garrett Motion news, major shareholder Special Credit Pa Centerbridge sold 520,000 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $9.41, for a total transaction of $4,893,200.00. Following the sale, the insider now directly owns 9,795,684 shares in the company, valued at $92,177,386.44. This represents a 5.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 1,457,412 shares of company stock worth $13,973,062 over the last ninety days. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Quarry LP grew its stake in Garrett Motion by 180.3% during the 4th quarter. Quarry LP now owns 7,755 shares of the company’s stock worth $70,000 after purchasing an additional 4,988 shares in the last quarter. Deutsche Bank AG grew its position in shares of Garrett Motion by 185.5% during the fourth quarter. Deutsche Bank AG now owns 8,202 shares of the company’s stock worth $74,000 after buying an additional 5,329 shares in the last quarter. Paloma Partners Management Co purchased a new stake in shares of Garrett Motion during the third quarter worth approximately $87,000. Savant Capital LLC acquired a new stake in Garrett Motion in the fourth quarter valued at approximately $96,000. Finally, XTX Topco Ltd purchased a new position in Garrett Motion in the third quarter worth approximately $132,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

About Garrett Motion

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.