Sims Metal Management (OTCMKTS:SMSMY) Shares Gap Up – Here’s Why

Sims Metal Management Ltd. (OTCMKTS:SMSMY)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $18.05, but opened at $19.52. Sims Metal Management shares last traded at $19.52, with a volume of 298 shares changing hands.

Analysts Set New Price Targets

SMSMY has been the subject of several research reports. Zacks Research upgraded shares of Sims Metal Management from a “strong sell” rating to a “hold” rating in a report on Monday. The Goldman Sachs Group raised shares of Sims Metal Management from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 10th. Royal Bank Of Canada upgraded shares of Sims Metal Management from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, March 18th. Finally, Jefferies Financial Group upgraded shares of Sims Metal Management from a “moderate sell” rating to a “hold” rating in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold”.

Sims Metal Management Trading Up 8.1%

The firm has a fifty day moving average price of $16.92 and a two-hundred day moving average price of $14.72.

Sims Metal Management Company Profile

Sims Metal Management, trading over-the-counter under the symbol SMSMY, is the global metal recycling division of Sims Limited. Established in the early 20th century, the company has grown into one of the world’s leading recyclers of ferrous and non-ferrous metals. It serves a diverse customer base, including steel mills, foundries, manufacturers and fabricators, by collecting, processing and trading scrap metal commodities.

The company’s core activities encompass the sourcing and processing of end-of-life metal products.