Sasol (NYSE:SSL) Shares Gap Up - Should You Buy?

Key Points

• Sasol's stock price gapped up from a previous close of $4.80 to open at $5.23 and last traded at $5.34, with a trading volume of 265,382 shares.
• Wall Street analysts downgraded Sasol's rating from a "buy" to a "hold" on May 16th, 2023.
• Institutional investment in Sasol has seen significant changes, with JPMorgan Chase & Co. increasing its stake by 7,082% in Q2, showcasing strong institutional interest in the stock.

Sasol Ltd. (NYSE:SSL - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $4.80, but opened at $5.23. Sasol shares last traded at $5.34, with a volume of 265,382 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of Sasol from a "buy" rating to a "hold" rating in a report on Friday, May 16th.

Sasol Price Performance

The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 2.38, a price-to-earnings-growth ratio of 0.17 and a beta of 0.76. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.84 and a quick ratio of 1.16. The stock's fifty day moving average price is $5.00 and its 200-day moving average price is $4.40.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SSL. JPMorgan Chase & Co. grew its stake in shares of Sasol by 7,082.0% in the second quarter. JPMorgan Chase & Co. now owns 59,395 shares of the oil and gas company's stock valued at $263,000 after acquiring an additional 58,568 shares in the last quarter. Creative Planning boosted its stake in Sasol by 157.0% during the second quarter. Creative Planning now owns 246,324 shares of the oil and gas company's stock worth $1,089,000 after acquiring an additional 150,491 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Sasol in the 2nd quarter worth $339,000. ABC Arbitrage SA bought a new stake in shares of Sasol in the 2nd quarter worth $833,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Sasol by 11.9% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 767,312 shares of the oil and gas company's stock valued at $3,392,000 after purchasing an additional 81,769 shares during the last quarter. 1.21% of the stock is owned by institutional investors and hedge funds.

Sasol Company Profile

Sasol Limited operates as a chemical and energy company in South Africa and internationally. It offers alumina, such as battery materials, catalyst supports, abrasives and polishing, and polymer additives; cobalt fischer-tropsch catalysts; carbon-based and recarburiser products; graphite electrodes; and mono-ethylene glycol and chlor-alkali products, monomers, mining chemicals and reagents, blends and hydrocarbons, methanol products, polymers, phenolics, and fertilizers.

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