Last Friday, Stellantis shares on the New York Stock Exchange hit a new 52-week low, almost a year. The stock price fell to $17.57, with the last transaction recorded at $17.61 and a trading volume of 1,287,028 shares, compared to the previous close of $18.09. This comes after the automotive Group published its financial results for the first half of 2024, which showed disappointing sales, especially in North America.
Stellantis struggles on the stock market after disappointing results in the first half of 2024
Stellantis has been the subject of recent analyst reports. Barclays upgraded Stellantis to a “strong-buy” rating in a report on June 17. Morgan Stanley raised Stellantis’ target price from $26 to $30.40, assigning an “overweight” rating, meaning it deserves greater consideration, but the report dates back to April 11.
Overall, one analyst has given a sell rating, five have given a hold rating, five have given a buy rating, and one has assigned a strong buy rating. The average of the ratings is one of caution. According to MarketBeat, the stock has a consensus rating of “moderate buy” with an average price target of $29.55. Stellantis’ 50-day moving average is $20.76, while its 200-day moving average is $23.48.
Recently, several large investors have modified their holdings in Stellantis. Westend Capital Management LLC purchased a new stake in the first quarter worth about $38,000. ORG Partners LLC did the same in the second quarter. Cape Investment Advisory Inc. increased its position by 424.4% in the fourth quarter, now owning 2,145 shares valued at $50,000 after acquiring an additional 1,736 shares. Solstein Capital LLC also acquired a new position in the fourth quarter worth about $50,000. Scarborough Advisors LLC followed suit with a new investment of about $59,000. Institutional investors, on the other hand, currently hold 59.48% of the company’s shares.