Nasdaq F Ford

What happened Shares of Ford Motor Company (NYSE: F) were moving higher on Monday, up about 4.2% from Friday's close as of noon ET.

The Invesco S&P 500 BuyWrite ETF is seeing unusually high volume in afternoon trading Monday, with over 133,000 shares traded versus three month average volume of about 33,000. Shares of PBP were up about 0.2% on the day.

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InvestorPlace - Stock Market News, Stock Advice & Trading Tips

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

According to a Reuters report, foreign automakers have shown interest in the Ford Motor Company (NYSE: F) India plant-based in Tamil Nadu. Shares of the global automaker closed at $20.47 on December 30.

Ford India Plant

The Tamil Nadu state industries minister said on Thursday that foreign automakers have contacted the government of India, showing interest in buying the Ford plant.

In September, Ford India had announced that it would close down two plants in India as the company’s vehicles have not spiked interest with Indian customers. The company faces stiff competition from national automakers in the country and has been struggling to manage its profitability.

Ford’s factory in the state of Gujarat was slated to close by the end of 2021, and the auto and engine production plant in the state of Tamil Nadu is expected to be shut down by 2022. Earlier attempts at talks with the Tata Group to buy the plant were unfruitful, the minister said.

Tamil Nadu also hosts other auto manufacturing plants of international players like BMW, Daimler, Hyundai, Nissan, and Renault. The burgeoning population of India is an attractive market for both domestic and international players.

Though many automakers have failed to make a mark in the country, India remains a popular choice for many companies especially now with EVs catching the populace's attention.

Comments

Thangam Thennarasu, industries minister of Tamil Nadu said, “Early-stage talks are going on… It is eventually up to Ford as it will be a commercial arrangement. We are merely facilitating talks between the companies.”

The minister did not disclose the names of the interested buyers.

Wall Street's Take

Citigroup analyst Itay Michaeli recently lifted the price target on the stock to $23 from $20 while maintaining a Hold rating.

Overall, the Ford stock has a Moderate Buy consensus rating based on nine Buys, four Holds, and three Sells. The average Ford price target of $19.73 implies 5% downside potential to current levels.

Insider Trading

TipRanks’ Insider Trading Activity shows that Insider Signal is currently Positive on Ford, with corporate insiders buying $29.2 million shares in the last quarter.

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In early trading on Friday, shares of Ford Motor topped the list of the day's best performing components of the S&P 500 index, trading up 2.5%. Year to date, Ford Motor registers a 138.7% gain.

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[Updated 12/29/2021] Daimler AG Update

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