Commonwealth Bank of Australia (OTCMKTS:CMWAY) Shares Gap Up - Should You Buy?

Key Points

• Shares of Commonwealth Bank ADR gapped up pre-market from $123.87 to an open of $129.98 and last traded at $129.95 on light volume (2,715 shares).
• Analyst sentiment has weakened after Zacks downgraded the stock from "strong-buy" to "hold"; MarketBeat shows an average rating of Reduce with an average target price of $130.18.

Shares of Commonwealth Bank of Australia Sponsored ADR (OTCMKTS:CMWAY - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $123.87, but opened at $129.98. Commonwealth Bank of Australia shares last traded at $129.95, with a volume of 2,715 shares.

Analyst Ratings Changes

Separately, Zacks Research downgraded Commonwealth Bank of Australia from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average target price of $130.18.

Commonwealth Bank of Australia Trading Down 0.7%

The firm has a 50-day simple moving average of $124.30 and a two-hundred day simple moving average of $112.91.

About Commonwealth Bank of Australia

Commonwealth Bank of Australia is one of Australia's largest banking and financial services organizations, offering a broad range of products for individual, business and institutional customers. Established by the federal government in 1911, the group has grown into a diversified financial services company that provides everyday banking, lending, payments, wealth management and insurance solutions. The company's securities are listed on the Australian Securities Exchange and it also has American Depositary Receipts trading OTC under the symbol CMWAY.

Core activities include retail and business banking—deposit accounts, transaction services, mortgages, credit cards and personal and commercial lending—alongside institutional banking services such as corporate finance, markets and transaction banking.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.