10 Oversold NASDAQ Stocks To Invest In Now

3. The Goodyear Tire & Rubber Company (NASDAQ:GT)  

Number of Hedge Fund Investors: 36  

Forward P/E Ratio as of October 23: 4.77  

YTD Performance as of October 23: -42.81%  

The Goodyear Tire & Rubber Company (NASDAQ:GT) is one of the world’s largest tire manufacturers, supplying products for a wide range of vehicles, including automobiles, airplanes, and heavy-duty trucks.

Despite strong brand recognition, The Goodyear Tire & Rubber Company (NASDAQ:GT) has faced challenges in managing rising material costs and global supply chain disruptions. Despite weak revenue, the company’s earnings and adjusted earnings per share in Q2 were higher than expected, and the company’s cost-cutting initiatives are showing positive progress.

The Goodyear Tire & Rubber Company (NASDAQ:GT) aims to sell $2 billion in assets and cut costs by $1.3 billion annually. The company has made significant progress in reducing operating expenses and has achieved $162 million in savings so far. Furthermore, in July The Goodyear Tire & Rubber Company (NASDAQ:GT) agreed to sell its Off-The-Road operations to Yokohama for $905 million, which will help reduce debt and improve cash flows. This sale is part of the company’s plan to divest non-core assets and focus on its core business. This sale will have a positive impact on the company’s financials and will help the company to achieve its goals.