Glencore (LON:GLEN) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Glencore's share price has surpassed its 200-day moving average of GBX 290.31, trading as high as GBX 353.40 during the day.
• Several analysts have provided new price targets, with Citigroup increasing its target to GBX 380 and Royal Bank of Canada issuing a target of GBX 350, reflecting a generally positive outlook.
• Glencore has an average rating of "Moderate Buy" from analysts, with a consensus target price set at GBX 388.33.

Glencore plc (LON:GLEN - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 290.31 ($3.87) and traded as high as GBX 353.40 ($4.71). Glencore shares last traded at GBX 347.89 ($4.63), with a volume of 42,247,020 shares changing hands.

Analysts Set New Price Targets

GLEN has been the subject of several analyst reports. Royal Bank Of Canada reissued an "outperform" rating and issued a GBX 350 target price on shares of Glencore in a research note on Monday, August 18th. Citigroup raised their target price on shares of Glencore from GBX 370 to GBX 380 and gave the company a "buy" rating in a research note on Thursday, August 14th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Glencore from GBX 400 to GBX 380 and set a "buy" rating for the company in a research note on Tuesday, August 12th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a GBX 400 target price on shares of Glencore in a research note on Friday, October 10th. Finally, Berenberg Bank cut shares of Glencore to a "hold" rating and set a GBX 350 target price for the company. in a research note on Tuesday, October 7th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Glencore currently has an average rating of "Moderate Buy" and a consensus target price of GBX 388.33.

Glencore Stock Up 0.2%

The company has a current ratio of 1.30, a quick ratio of 0.32 and a debt-to-equity ratio of 77.14. The stock has a market cap of £41.84 billion, a P/E ratio of -2,213.44, a PEG ratio of 0.43 and a beta of 1.21. The firm has a 50-day simple moving average of GBX 311.38 and a two-hundred day simple moving average of GBX 290.31.

About Glencore

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.

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