Commonwealth Bank of Australia (OTCMKTS:CMWAY) Shares Gap Up - Time to Buy?

Key Points

• CMWAY shares gapped up pre-market, opening at $128.50 versus a $123.47 close and last trading at $128.03 on volume of about 25,819 shares.
• Zacks Research upgraded the ADR to a "strong-buy" on Jan. 28; the consensus rating is a Moderate Buy with an average target price of $130.18 (one strong-buy, one sell).
• The stock is trading up roughly 1.4% and sits above its 50-day ($120.55) and 200-day ($111.38) moving averages, suggesting recent upside momentum.

Commonwealth Bank of Australia Sponsored ADR (OTCMKTS:CMWAY - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $123.47, but opened at $128.50. Commonwealth Bank of Australia shares last traded at $128.03, with a volume of 25,819 shares changing hands.

Analysts Set New Price Targets

Separately, Zacks Research raised Commonwealth Bank of Australia from a "hold" rating to a "strong-buy" rating in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $130.18.

Commonwealth Bank of Australia Trading Up 1.4%

The stock has a 50-day moving average price of $120.55 and a two-hundred day moving average price of $111.38.

Commonwealth Bank of Australia Company Profile

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.

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