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Garrett Motion (NASDAQ:GTX) Inc. stock reached a 52-week high, hitting $12.25, marking a significant milestone for the company. With a market capitalization of $2.39 billion and an attractive P/E ratio of 9.06, this new high comes amid a robust 46.28% increase in the stock price over the past year. Investors have shown increased confidence in Garrett Motion’s performance, driving the stock to new heights. The company’s impressive 32.15% year-to-date return and "GREAT" financial health score from InvestingPro have contributed to this upward trajectory, reflecting positively on its market position. This 52-week high underscores Garrett Motion’s resilience and growth potential in the competitive automotive technology sector, with InvestingPro analysis suggesting the stock is currently fairly valued. Discover 6 more exclusive InvestingPro Tips and comprehensive analysis in the Pro Research Report.
In other recent news, Garrett Motion has announced a secondary public stock offering involving 17 million shares held by affiliates of Oaktree Capital Management, Centerbridge Partners, and Cyrus Capital Partners (WA:CPAP). The underwriters have the option to purchase an additional 2.55 million shares. While Garrett Motion will not receive any proceeds from this offering, it plans to repurchase approximately 2 million shares as part of its $250 million share repurchase program, with a cap of $25 million for this transaction. BNP Paribas (OTC:BNPQY) Exane has initiated coverage on Garrett Motion with an Outperform rating and a $14.00 price target, citing the company’s strong financials and potential expansion into new markets. Additionally, BWS Financial has reiterated its Buy rating and $14.00 price target, highlighting favorable currency movements and limited exposure to U.S. trade uncertainties. These factors could help Garrett Motion exceed quarterly estimates, according to BWS Financial. These developments are crucial for investors keeping an eye on Garrett Motion’s performance and future prospects.
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