Goodyear Tire & Rubber (NASDAQ:GT) Shares Gap Down – Should You Sell?

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $6.84, but opened at $6.48. Goodyear Tire & Rubber shares last traded at $6.4350, with a volume of 1,517,902 shares traded.

Analyst Ratings Changes

Several equities analysts recently weighed in on GT shares. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. TD Cowen reduced their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $8.54.

Goodyear Tire & Rubber Stock Performance

The business’s fifty day moving average price is $6.30 and its two-hundred day moving average price is $7.59. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04. The stock has a market capitalization of $1.90 billion, a P/E ratio of -0.91 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The firm had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.81 billion. During the same quarter last year, the firm earned ($0.04) EPS. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. As a group, sell-side analysts forecast that The Goodyear Tire & Rubber Company will post -0.27 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Institutional investors and hedge funds have recently modified their holdings of the stock. Invenomic Capital Management LP purchased a new stake in shares of Goodyear Tire & Rubber in the third quarter valued at $13,753,000. Bastion Asset Management Inc. boosted its stake in shares of Goodyear Tire & Rubber by 72.9% during the 4th quarter. Bastion Asset Management Inc. now owns 963,938 shares of the company’s stock worth $8,076,000 after purchasing an additional 406,410 shares during the period. Brevan Howard Capital Management LP boosted its stake in shares of Goodyear Tire & Rubber by 313.7% during the 3rd quarter. Brevan Howard Capital Management LP now owns 438,206 shares of the company’s stock worth $3,278,000 after purchasing an additional 332,294 shares during the period. Citigroup Inc. grew its holdings in Goodyear Tire & Rubber by 331.2% during the 3rd quarter. Citigroup Inc. now owns 815,084 shares of the company’s stock valued at $6,097,000 after purchasing an additional 626,061 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in Goodyear Tire & Rubber by 7.0% during the 3rd quarter. American Century Companies Inc. now owns 12,457,220 shares of the company’s stock valued at $93,180,000 after purchasing an additional 816,703 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.