Glencore (LON:GLEN) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Glencore plc (LON:GLEN - Get Free Report) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 305.09 ($4.14) and traded as high as GBX 305.50 ($4.15). Glencore shares last traded at GBX 298.20 ($4.05), with a volume of 46,454,883 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently commented on GLEN shares. Berenberg Bank reduced their target price on Glencore from GBX 380 ($5.16) to GBX 330 ($4.48) and set a "buy" rating for the company in a research note on Thursday, July 3rd. Royal Bank Of Canada reduced their price target on shares of Glencore from GBX 380 ($5.16) to GBX 360 ($4.89) and set an "outperform" rating for the company in a research report on Wednesday, July 2nd. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of GBX 410 ($5.57).

Glencore Stock Up 4.1%

The firm has a market capitalization of £47.36 billion, a P/E ratio of -86.95, a P/E/G ratio of 0.43 and a beta of 1.21. The stock's 50-day simple moving average is GBX 278.53 and its 200-day simple moving average is GBX 305.09. The company has a current ratio of 1.30, a quick ratio of 0.32 and a debt-to-equity ratio of 77.14.

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.