Executives at Cyrus Capital Partners, L.P., a significant shareholder in Garrett Motion Inc. (NYSE:NASDAQ:GTX), have recently sold a substantial amount of the company's stock. The transactions, which occurred on April 8th and 9th, resulted in the sale of shares worth over $3.2 million.
On the first day, 58,306 shares were sold at a weighted average price of $9.9584, with prices ranging from $9.95 to $10.01 per share. The following day, a larger transaction took place involving 271,889 shares sold at an average price of $9.9941, within a price range of $9.95 to $10.00 per share. These sales were part of multiple transactions at various price points within the stated ranges.
The sales were conducted by Cyrus Capital Partners, L.P., Cyrus Capital Partners GP, LLC, and Stephen C. Freidheim, who is the Chief Investment Officer of Cyrus Capital Partners and the sole member and manager of Cyrus Capital GP. The shares sold are beneficially owned by Cyrus Capital Partners as the investment manager of certain private investment funds that directly hold the securities.
Following these transactions, Cyrus Capital and associated entities still hold a significant number of shares in Garrett Motion Inc. The company specializes in motor vehicle parts and accessories and is incorporated in Delaware.
The recent sales by Cyrus Capital executives indicate a notable change in their investment position with respect to Garrett Motion Inc. However, the exact rationale behind the sales has not been disclosed. It's also worth noting that the executives have disclaimed beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.
Investors and market watchers often pay close attention to insider transactions such as these for insights into executive perspectives on the company's future performance. Garrett Motion's stock performance and future outlook will continue to be observed with interest following these significant sales by Cyrus Capital executives.
InvestingPro Insights
Amid the news of significant stock sales by executives at Cyrus Capital Partners, investors in Garrett Motion Inc. (NYSE:GTX) may be seeking additional insights into the company's performance and future prospects. According to InvestingPro, management at Garrett Motion has been actively buying back shares, signaling confidence in the company's value. Additionally, analysts are optimistic, predicting that Garrett Motion will become profitable this year, after not being profitable over the last twelve months.
From a financial metrics standpoint, Garrett Motion has a market capitalization of $2.37 billion and is trading near its 52-week high, with the price reaching 96.85% of this peak. The company has experienced a large price uptick over the last six months, with a total return of 32.26%. The revenue growth for the last twelve months as of Q4 2023 stands at 7.85%, indicating a positive trajectory for the company's earnings.
For investors interested in deeper analysis, there are additional InvestingPro Tips available that could provide further context on Garrett Motion's financial health and stock performance. For instance, while the company does not pay a dividend, the aggressive share buyback strategy and anticipated net income growth could be compelling factors for certain investment strategies. To explore these tips and more, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. There are a total of 7 InvestingPro Tips listed, which could help investors make more informed decisions about their investments in Garrett Motion Inc.
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