GTEC - Greenland Technologies Holding Stock Price, Fair Value and News

1.53USD-0.39 (-20.31%)Market Closed

Market Summary

USD1.53-0.39

Market Closed

-20.31%

GTEC Stock Price

View Fullscreen

GTEC RSI Chart

GTEC Valuation

Market Cap

26.6M

Price/Earnings (Trailing)

-1.1

Price/Sales (Trailing)

0.29

EV/EBITDA

0.07

Price/Free Cashflow

10.88

GTEC Price/Sales (Trailing)

GTEC Profitability

Operating Margin

98.69%

EBT Margin

-25.80%

Return on Equity

-47.86%

Return on Assets

-18.58%

Free Cashflow Yield

9.19%

GTEC Fundamentals

GTEC Revenue

Revenue (TTM)

90.3M

Rev. Growth (Yr)

19.04%

Rev. Growth (Qtr)

4.31%

GTEC Earnings

Earnings (TTM)

-24.2M

Earnings Growth (Yr)

-1.3K%

Earnings Growth (Qtr)

-3.1K%

Breaking Down GTEC Revenue

Last 7 days

-19.9%

Last 30 days

-35.4%

Last 90 days

-56.3%

Trailing 12 Months

-3.8%

How does GTEC drawdown profile look like?

GTEC Financial Health

Current Ratio

1.38

GTEC Investor Care

Shares Dilution (1Y)

4.75%

Diluted EPS (TTM)

-1.2

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2023	83.7M	86.6M	86.7M	90.3M
2022	103.5M	95.9M	94.6M	90.8M
2021	81.6M	93.2M	99.8M	98.8M
2020	46.5M	50.3M	54.9M	66.9M
2019	58.7M	57.1M	54.0M	52.4M
2018	0	0	0	0

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Greenland Technologies Holding

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
May 22, 2023	wang raymond z	bought	99,537	1.4968	66,500	chief executive officer
Jun 22, 2021	wang peter	sold	-2,500,000	5.00	-500,000	-
Jun 22, 2021	jin jing	sold	-675,000	5.00	-135,000	chief financial officer
Apr 19, 2021	wang peter	acquired	-	-	2,500	-
Apr 19, 2021	shen bo	acquired	-	-	2,500	-
Apr 19, 2021	zhao ming	acquired	-	-	2,500	-
Apr 19, 2021	nelson charles athle	acquired	-	-	2,500	-
Apr 19, 2021	wang everett xiaolin	acquired	-	-	2,500	-
Apr 13, 2021	wang peter	sold	-241,250	9.65	-25,000	-
Apr 13, 2021	wang peter	sold	-610,500	12.21	-50,000	-

Which funds bought or sold GTEC recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Feb 16, 2024	HARBOUR INVESTMENTS, INC.	unchanged	-	-61.00	522	-%
Feb 14, 2024	Coppell Advisory Solutions LLC	reduced	-54.05	-34.00	47.00	-%
Feb 14, 2024	Walleye Capital LLC	unchanged	-	-6,085	48,162	-%
Feb 14, 2024	TWO SIGMA SECURITIES, LLC	sold off	-100	-53,162	-	-%
Feb 14, 2024	LPL Financial LLC	unchanged	-	-129,360	1,093,680	-%
Feb 14, 2024	MILLENNIUM MANAGEMENT LLC	sold off	-100	-43,175	-	-%
Feb 14, 2024	TWO SIGMA INVESTMENTS, LP	new	-	28,550	28,550	-%
Feb 13, 2024	NORTHERN TRUST CORP	new	-	89,324	89,324	-%
Feb 13, 2024	MORGAN STANLEY	unchanged	-	-2,346	19,837	-%
Feb 13, 2024	XTX Topco Ltd	new	-	31,271	31,271	0.01%

Are Funds Buying or Selling GTEC?

Are funds buying GTEC calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own GTEC

No. of Funds

Unveiling Greenland Technologies Holding's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2024	armistice capital, llc	4.99%	713,995	SC 13G/A
Feb 14, 2023	armistice capital, llc	9.99%	1,277,307	SC 13G
Jun 23, 2021	cenntro holding ltd	64.03%	6,731,949	SC 13D/A
Apr 22, 2021	cenntro holding ltd	68.79%	7,231,949	SC 13D/A
Feb 13, 2020	k2 principal fund, l.p.	1.39%	139,134	SC 13G/A
Feb 12, 2020	boothbay fund management, llc	0%	0	SC 13G/A
Nov 08, 2019	cenntro holding ltd	78.4%	7,500,000	SC 13D/A
Nov 04, 2019	cenntro holding ltd	75%	7,500,000	SC 13D

Recent SEC filings of Greenland Technologies Holding

View All Filings

Date Filed	Form Type	Document
Apr 17, 2024	10-K/A	Annual Report
Apr 16, 2024	10-K	Annual Report
Mar 29, 2024	NT 10-K	NT 10-K
Feb 15, 2024	8-K	Current Report
Feb 14, 2024	SC 13G/A	Major Ownership Report

Peers (Alternatives to Greenland Technologies Holding)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
CAT	182.9B	67.1B	1.81%	59.09%	17.71	2.73	12.84%	54.12%
GE	169.4B	68.0B	-8.37%	58.11%	17.87	2.49	16.96%	2688.24%
CMI	41.3B	34.1B	1.77%	23.41%	49.18	1.21	21.34%	-61.52%
AME	41.1B	6.6B	-2.20%	27.88%	31.33	6.24	7.26%	13.25%
ACM	12.6B	14.9B	0.99%	11.51%	203.51	0.84	12.31%	-81.65%
MID-CAP
APG	9.0B	6.9B	-1.93%	72.73%	59.12	1.31	5.64%	109.59%
FLR	6.7B	15.5B	-1.44%	29.52%	48.7	0.44	12.59%	-4.48%
FLS	6.0B	4.3B	2.54%	35.35%	32.1	1.39	19.51%	-1.03%
ACA	3.7B	2.3B	-4.75%	28.63%	23.48	1.62	2.90%	-35.23%
ALG	2.5B	1.7B	2.14%	15.15%	18.22	1.47	11.63%	33.59%
SMALL-CAP
AMRC	970.3M	1.4B	-11.42%	-60.02%	15.53	0.71	-24.65%	-34.19%
NKLA	854.8M	35.8M	6.67%	-34.56%	-0.88	23.85	-27.93%	-23.21%
AGX	795.2M	573.3M	21.48%	54.20%	24.58	1.39	26.00%	-2.24%
AMSC	365.1M	135.4M	-10.74%	179.53%	-22.26	2.7	-25.90%	65.37%
ADES	240.0M	99.2M	24.27%	262.81%	-19.59	2.42	-3.69%	-37.37%

Greenland Technologies Holding News

Latest updates

Greenland Technologies Holding Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Income Statement (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q2	2019Q1
Revenue	4.3%	22,778	21,837	23,569	22,149	19,134	21,787	20,603	29,307	22,940	23,085	28,204	24,611	23,895	16,521	16,576	9,872	11,899	11,952	12,739	14,275	15,811
Cost Of Revenue	-406.1%	-47,655	15,568	16,642	16,626	15,319	16,975	15,763	22,939	19,253	17,987	22,499	19,507	19,287	13,122	13,694	7,948	8,146	9,950	9,675	-	12,251
Gross Profit	-6.6%	5,856	6,269	6,928	5,523	3,815	4,812	4,839	6,368	3,687	5,097	5,705	5,104	4,609	3,398	2,882	1,924	3,752	2,002	3,064	-	3,560
Operating Expenses	5.9%	3,666	3,462	3,519	3,149	5,511	2,738	2,625	3,002	3,795	3,046	2,253	2,250	1,867	1,159	1,224	1,856	2,726	994	1,071	363	1,568
S&GA Expenses	23.9%	752	607	574	387	951	522	518	640	471	523	495	379	796	271	305	217	409	180	212	-	386
R&D Expenses	30.8%	1,629	1,246	1,425	1,120	2,818	1,023	863	1,083	2,189	1,372	1,005	960	781	564	476	564	754	450	413	-	738
EBITDA Margin	-346.5%	-0.23*	0.09*	0.11*	0.11*	0.11*	0.13*	0.12*	0.12*	0.12*	0.18*	0.18*	0.18*	0.18*	0.15*	-	-	-	-	-	-	-
Interest Expenses	-56.9%	31.00	73.00	80.00	66.00	80.00	126	92.00	105	79.00	107	222	180	-11.89	232	389	322	-3.61	415	521	-	357
Income Taxes	-74.1%	228	879	305	297	-693	519	254	619	-1.36	928	394	523	1,781	347	96.00	49.00	223	48.00	312	-	265
Earnings Before Taxes	-2929.5%	-30,383	1,074	3,245	2,755	-1,468	2,617	2,634	3,534	418	2,181	3,546	2,966	5,893	807	1,567	377	2,062	290	1,589	-	1,994
EBT Margin	-499.1%	-0.26*	0.06*	0.08*	0.08*	0.08*	0.10*	0.09*	0.09*	0.09*	0.15*	0.14*	0.14*	0.13*	0.09*	-	-	-	-	-	-	-
Net Income	-3140.0%	-28,752	-887	2,940	2,459	-2,002	1,278	2,379	2,915	-15.21	1,028	3,152	2,443	4,893	208	1,472	328	2,515	156	1,130	-101	1,729
Net Income Margin	-1027.3%	-0.27*	0.03*	0.05*	0.05*	0.05*	0.07*	0.07*	0.07*	0.07*	0.12*	0.11*	0.11*	0.10*	0.08*	-	-	-	-	-	-	-
Free Cashflow	141.0%	2,008	833	-4,148	3,756	13,434	-4,456	-2,926	1,261	108	-5,086	3,220	-3,998	494	-2,626	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	-18.1%	130	159	154	157	155	158	150	164	163	158	156	145	132	120	107	108	106	46.00	45.00	45.00	111
Current Assets	-28.2%	100	139	133	135	132	135	129	141	139	134	132	121	108	60.00	83.00	83.00	80.00	0.00	0.00	1.00	48.00
Cash Equivalents	30.8%	28.00	22.00	15.00	15.00	16.00	11.00	8.00	13.00	18.00	16.00	21.00	10.00	9.00	11.00	7.00	8.00	6.00	0.00	0.00	1.00	9.00
Inventory	20.0%	25.00	20.00	20.00	23.00	23.00	22.00	24.00	25.00	26.00	21.00	18.00	18.00	15.00	13.00	10.00	12.00	10.00	-	-	-	12.00
Net PPE	-100.0%	-	14.00	14.00	15.00	16.00	16.00	17.00	19.00	19.00	19.00	20.00	20.00	20.00	20.00	20.00	20.00	21.00	-	-	-	22.00
Goodwill	-	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	0.00
Liabilities	7.9%	80.00	74.00	69.00	70.00	70.00	74.00	74.00	86.00	88.00	92.00	91.00	90.00	81.00	70.00	59.00	62.00	60.00	40.00	21.00	1.00	-
Current Liabilities	2.8%	73.00	71.00	65.00	66.00	66.00	70.00	72.00	84.00	85.00	89.00	89.00	88.00	79.00	67.00	57.00	59.00	56.00	0.00	0.00	0.00	63.00
Short Term Borrowings	-	3.00	-	7.00	8.00	9.00	9.00	9.00	10.00	9.00	9.00	12.00	18.00	18.00	21.00	20.00	20.00	17.00	-	-	-	20.00
Shareholder's Equity	-31.0%	51.00	73.00	85.00	88.00	71.00	83.00	77.00	78.00	75.00	66.00	65.00	55.00	51.00	52.00	48.00	46.00	40.00	5.00	5.00	5.00	40.00
Retained Earnings	-53.9%	19.00	40.00	41.00	39.00	37.00	38.00	37.00	35.00	34.00	33.00	32.00	29.00	27.00	21.00	21.00	20.00	20.00	-0.37	-0.16	-0.05	16.00
Additional Paid-In Capital	-8.1%	30.00	33.00	33.00	33.00	33.00	33.00	24.00	24.00	24.00	22.00	22.00	16.00	14.00	15.00	15.00	15.00	15.00	-	-	-	12.00
Shares Outstanding	0%	14.00	14.00	13.00	13.00	13.00	12.00	11.00	11.00	11.00	11.00	11.00	10.00	10.00	-	-	-	-	-	-	-	-
Minority Interest	-95.2%	1.00	12.00	13.00	15.00	14.00	13.00	13.00	14.00	13.00	7.00	7.00	6.00	6.00	9.00	8.00	8.00	8.00	-	-	-	8.00
Float	-	-	-	11.00	-	-	-	35,100,000	-	-	-	35.00	-	-	-	-	-	-	-	-	-	-

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q3	2019Q2	2019Q2
Cashflow From Operations	141.0%	2,008	833	-4,148	3,756	13,434	-4,456	-2,926	1,261	108	-5,086	3,220	-3,998	494	-2,626	787	4,041	102	-	-5,518	-	-1,154
Share Based Compensation	-	-	-	-	-	-	-	-	-	-	15.00	-	51.00	-	-	-	43.00	-	-	-	-	-
Cashflow From Investing	-109.8%	-152	1,551	-522	195	-322	178	177	1.00	47.00	-382	-238	-65.03	-639	14.00	-55.05	-141	-1,003	-	-376	-155	-
Cashflow From Financing	234.0%	1,479	443	4,409	-3,464	-8,245	11,746	-1,828	-5,956	1,794	600	7,198	4,871	111	5,256	-2,381	-678	236	-	8,248	-	-634
Dividend Payments	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-4.64	-	-	-	-

GTEC Income Statement

2023-12-31

Consolidated Statements of Income and Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 90,333,240	$ 90,830,674
Cost of goods sold	65,757,237	70,995,940
Gross profit	24,576,003	19,834,734
Selling expenses	2,319,835	2,630,226
General and administrative expenses	6,052,541	5,459,020
Research and development expenses	5,424,400	5,786,946
Total operating expenses	13,796,776	13,876,192
INCOME FROM OPERATIONS	10,779,227	5,958,542
Interest income	143,094	56,817
Interest expense	(250,410)	(402,968)
Loss on disposal of property and equipment	(31,072)	(1,511)
Impairment for investments	(300,000)
Change in fair value of the warrant liability	1,398,774	(2,814,012)
Allowance for expected credit loss-related parties receivable	(34,462,992)
Remeasurement loss from change in functional currency	(2,490,646)
Government subsidies income	692,443	1,029,370
Other income/(loss)	1,212,354	676,136
INCOME (LOSS) BEFORE INCOME TAX	(23,309,228)	4,502,374
INCOME TAX	1,708,262	699,691
NET INCOME (LOSS)	(25,017,490)	3,802,683
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST	(9,138,374)	3,057,130
NET INCOME (LOSS) ATTRIBUTABLE TO GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES	(15,879,116)	745,553
OTHER COMPREHENSIVE INCOME (LOSS):	842,646	(5,740,161)
Unrealized foreign currency translation income (loss) attribute to Greenland technologies holding corporation and subsidiaries	247,625	(3,845,818)
Unrealized foreign currency translation income (loss) attribute to non-controlling interest	595,021	(1,894,343)
Total comprehensive loss attributable to Greenland technologies holding corporation and subsidiaries	(15,631,491)	(3,100,265)
Total comprehensive income (loss) attributable to noncontrolling interest	$ (8,543,353)	$ 1,162,787
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: (in Shares)	13,229,978	11,886,876
Basic (in Dollars per share)	$ (1.2)	$ 0.06

GTEC Balance Sheet

2023-12-31

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 22,981,324	$ 16,295,695
Restricted cash	5,208,063	3,433,361
Short Term Investment	2,818,068	7,800,723
Notes receivable, net	27,135,249	28,748,879
Accounts receivable, net	16,483,533	14,337,760
Inventories, net	24,596,795	23,096,382
Advance to suppliers	288,578	412,766
Prepayments and other current assets	53,204	1,568,687
Total Current Assets	99,790,741	125,908,498
Non-current asset
Property, plant, equipment and construction in progress, net	13,698,997	15,585,214
Land use rights, net	3,448,505	3,639,067
Other intangible assets	189,620	147,465
Long term investment		250,000
Deferred tax assets	256,556	219,207
Operating lease right-of-use assets	2,125,542	2,627,110
Fixed deposit	9,916,308
Other non-current assets	1,050,698	283,118
Total non-current assets	30,686,226	29,206,843
TOTAL ASSETS	130,476,967	155,115,341
Current Liabilities
Short-term bank loans	3,042,296	8,986,255
Notes payable-bank acceptance notes	36,712,562	28,272,472
Accounts payable	25,272,528	24,817,165
Taxes payables	758,307	192,478
Customer deposits	137,985	227,432
Other current liabilities	2,091,507	1,547,390
Current portion of operating lease liabilities	487,695	472,182
Total current liabilities	72,524,516	66,208,689
Long-term liabilities
Long term operating lease liabilities	1,684,614	2,176,130
Other long-term liabilities	1,529,831	1,812,759
Warrant liability	4,084,605	5,483,379
Total long-term liabilities	7,299,050	9,472,268
TOTAL LIABILITIES	79,823,566	75,680,957
COMMITMENTS AND CONTINGENCIES
Shareholders’ equity
Ordinary shares, no par value, unlimited shares authorized; 13,594,530 and 12,978,504 shares issued and outstanding as of December 31, 2023 and December 31, 2022.
Additional paid-in capital	30,286,560	30,286,560
Statutory reserves	3,842,331	3,842,331
Retained earnings	18,535,133	34,414,249
Accumulated other comprehensive income (loss)	(2,583,794)	(2,831,419)
Total shareholders’ equity	50,080,230	65,711,721
Non-controlling interest	573,171	13,722,663
TOTAL EQUITY	50,653,401	79,434,384
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	130,476,967	155,115,341
Related Party
Current assets
Due from related parties-current, net	225,927	30,214,245
Non-current asset
Due from related parties-non current, net		6,455,662
Current Liabilities
Due to related parties	$ 4,021,636	$ 1,693,315

About Greenland Technologies Holding

Greenland Technologies Holding Corporation develops, manufactures, and sells transmission products for material handling machineries in the People's Republic of China. The company offers transmission products for forklift trucks that are used in manufacturing and logistic applications, such as factories, workshops, warehouses, fulfillment centers, shipyards, and seaports. It is also involved developing powertrains, as well as electric industrial vehicles. Greenland Technologies Holding Corporation was founded in 2006 and is headquartered in East Windsor, New Jersey.

CEO	Mr. Raymond Z. Wang
WEBSITE	https://ir.gtec-tech.com
INDUSTRY	Apparel Manufacturing
EMPLOYEES	330

Greenland Technologies Holding Frequently Asked Questions

What is the ticker symbol for Greenland Technologies Holding? What does GTEC stand for in stocks?

GTEC is the stock ticker symbol of Greenland Technologies Holding. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Greenland Technologies Holding (GTEC)?

As of Wed Apr 17 2024, market cap of Greenland Technologies Holding is 26.65 Million. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of GTEC stock?

You can check GTEC's fair value in chart for subscribers.

What is the fair value of GTEC stock?

You can check GTEC's fair value in chart for subscribers. The fair value of Greenland Technologies Holding is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Greenland Technologies Holding is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for GTEC so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Greenland Technologies Holding a good stock to buy?

The fair value guage provides a quick view whether GTEC is over valued or under valued. Whether Greenland Technologies Holding is cheap or expensive depends on the assumptions which impact Greenland Technologies Holding's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for GTEC.

What is Greenland Technologies Holding's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Wed Apr 17 2024, GTEC's PE ratio (Price to Earnings) is -1.1 and Price to Sales (PS) ratio is 0.29. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. GTEC PE ratio will change depending on the future growth rate expectations of investors.