Glencore (OTCMKTS:GLNCY) Stock Price Crosses Above Two Hundred Day Moving Average on Analyst Downgrade

Glencore PLC (OTCMKTS:GLNCY)’s stock price crossed above its 200-day moving average during trading on Wednesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock has a 200-day moving average of $13.40 and traded as high as $15.2060. Glencore shares last traded at $14.94, with a volume of 501,233 shares.

Several other brokerages have also recently commented on GLNCY. HSBC raised shares of Glencore from a “hold” rating to a “buy” rating in a research report on Tuesday, April 14th. Morgan Stanley reaffirmed an “overweight” rating on shares of Glencore in a report on Thursday, April 9th. Barclays reissued an “overweight” rating on shares of Glencore in a research report on Wednesday, February 25th. UBS Group raised shares of Glencore to a “hold” rating in a report on Monday, February 9th. Finally, Citigroup reissued a “buy” rating on shares of Glencore in a report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.30.

Glencore Price Performance

The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 0.84. The firm’s fifty day moving average price is $15.32 and its 200-day moving average price is $13.45.

About Glencore

Glencore is a global natural resources company engaged in the production, processing and marketing of commodities. The business combines large-scale mining and metals operations with an extensive physical commodities trading and marketing platform. Its activities span the full commodity value chain, from extraction and smelting/refining to the commercial distribution of metals and energy products to industrial customers worldwide.

Key product areas include base and precious metals (such as copper, zinc, nickel and related concentrates), bulk commodities and energy products (including thermal coal and oil) and associated value?added materials and services.