Glencore (LON:GLEN) Stock Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Glencore's shares surpassed their 200-day moving average, closing at GBX 298.99 ($4.05) after trading as high as GBX 301.49 ($4.08).
• Analysts have a consensus "Buy" rating on Glencore, with an average price target of GBX 386 and several firms revising their targets, including Deutsche Bank lowering theirs to GBX 380.
• Glencore has a market cap of £35.43 billion and significant debt-to-equity ratio of 77.14, indicating a strong leverage position in the market.

Shares of Glencore plc (LON:GLEN - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 287.36 ($3.89) and traded as high as GBX 301.49 ($4.08). Glencore shares last traded at GBX 298.99 ($4.05), with a volume of 41,256,832 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft cut their price objective on Glencore from GBX 400 to GBX 380 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Berenberg Bank reaffirmed a "buy" rating and set a GBX 350 price target on shares of Glencore in a research report on Wednesday, August 20th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a GBX 350 price target on shares of Glencore in a research report on Monday, August 18th. Finally, Citigroup upped their price target on Glencore from GBX 370 to GBX 380 and gave the company a "buy" rating in a research report on Thursday, August 14th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of GBX 386.

Glencore Trading Down 0.9%

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 firm has a fifty day simple moving average of GBX 300.12 and a two-hundred day simple moving average of GBX 287.36. The firm has a market cap of £35.43 billion, a PE ratio of -1,868.68, a PEG ratio of 0.43 and a beta of 1.21.

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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