Titan International (NYSE:TWI) Shares Gap Up – Here’s What Happened

Shares of Titan International, Inc. (NYSE:TWI) gapped up before the market opened on Friday . The stock had previously closed at $7.92, but opened at $8.19. Titan International shares last traded at $8.77, with a volume of 122,579 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TWI. StockNews.com upgraded shares of Titan International from a “sell” rating to a “hold” rating in a report on Wednesday, February 12th. DA Davidson began coverage on shares of Titan International in a report on Friday, December 13th. They set a “buy” rating and a $11.00 target price for the company.

Titan International Stock Up 7.5 %

The company’s fifty day moving average price is $7.92 and its 200-day moving average price is $7.67. The stock has a market capitalization of $537.63 million, a PE ratio of -70.96 and a beta of 1.82. The company has a quick ratio of 1.33, a current ratio of 2.38 and a debt-to-equity ratio of 0.84.

Hedge Funds Weigh In On Titan International

Hedge funds have recently added to or reduced their stakes in the company. Quarry LP purchased a new position in Titan International in the 3rd quarter worth approximately $41,000. FMR LLC raised its holdings in Titan International by 43.7% in the 3rd quarter. FMR LLC now owns 5,343 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 1,625 shares during the last quarter. GAMMA Investing LLC raised its holdings in Titan International by 136.2% in the 4th quarter. GAMMA Investing LLC now owns 5,431 shares of the industrial products company’s stock worth $37,000 after acquiring an additional 3,132 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Titan International in the 4th quarter worth approximately $54,000. Finally, Balyasny Asset Management L.P. purchased a new position in Titan International in the 4th quarter worth approximately $74,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Titan International Company Profile

Titan International, Inc, together with its subsidiaries, manufactures and sells wheels, tires, and undercarriage systems and components for off-highway vehicles in the United States and internationally. The company operates in Agricultural, Earthmoving/Construction, and Consumer segments. It offers wheels, tires, and undercarriage systems and components for various agricultural equipment, including tractors, combines, skidders, plows, planters, and irrigation equipment.