Garrett Motion (NYSE:GTX) Shares Gap Down - Here's Why

Shares of Garrett Motion Inc. (NYSE:GTX - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $7.98, but opened at $7.74. Garrett Motion shares last traded at $7.39, with a volume of 372,612 shares traded.

Analysts Set New Price Targets

Separately, BWS Financial restated a "buy" rating and issued a $12.00 target price on shares of Garrett Motion in a research note on Thursday, September 19th.

Garrett Motion Price Performance

The firm has a market cap of $1.67 billion, a P/E ratio of -6.44 and a beta of 1.15. The firm's 50 day moving average is $8.10 and its 200 day moving average is $8.69.

Garrett Motion (NYSE:GTX - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.04. Garrett Motion had a negative return on equity of 33.11% and a net margin of 6.44%. The company had revenue of $890.00 million during the quarter, compared to analyst estimates of $950.00 million. During the same quarter last year, the company earned ($1.88) EPS. As a group, analysts expect that Garrett Motion Inc. will post 1.13 EPS for the current year.

Insider Activity

In related news, Director Julia Steyn sold 14,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.77, for a total transaction of $122,780.00. Following the sale, the director now directly owns 53,781 shares of the company's stock, valued at approximately $471,659.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.60% of the company's stock.

Institutional Trading of Garrett Motion

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP increased its holdings in Garrett Motion by 54.8% in the 2nd quarter. Quarry LP now owns 5,170 shares of the company's stock worth $44,000 after buying an additional 1,830 shares in the last quarter. Pekin Hardy Strauss Inc. grew its stake in shares of Garrett Motion by 2.2% in the second quarter. Pekin Hardy Strauss Inc. now owns 94,850 shares of the company's stock worth $815,000 after acquiring an additional 2,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Garrett Motion by 17.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,203 shares of the company's stock valued at $174,000 after purchasing an additional 2,933 shares during the last quarter. Baker Ellis Asset Management LLC raised its holdings in shares of Garrett Motion by 1.7% during the second quarter. Baker Ellis Asset Management LLC now owns 236,353 shares of the company's stock valued at $2,030,000 after purchasing an additional 3,981 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in Garrett Motion during the second quarter valued at approximately $67,000. Institutional investors own 86.27% of the company's stock.

Garrett Motion Company Profile

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.