Sasol (NYSE:SSL) Shares Gap Up - Still a 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 share price gapped up before the market opened 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 traded.

Wall Street Analysts Forecast Growth

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

Sasol Trading Up 1.1%

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.16 and a current ratio of 1.84. The firm's fifty day simple moving average is $5.07 and its 200-day simple moving average is $4.43. The stock has a market cap of $3.73 billion, a P/E ratio of 2.53, a price-to-earnings-growth ratio of 0.19 and a beta of 0.76.

Institutional Trading of Sasol

Several hedge funds have recently modified their holdings of the stock. QRG Capital Management Inc. increased its stake in shares of Sasol by 11.3% in the 2nd quarter. QRG Capital Management Inc. now owns 22,781 shares of the oil and gas company's stock valued at $101,000 after acquiring an additional 2,318 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Sasol by 24.9% in the 1st quarter. Blue Trust Inc. now owns 17,229 shares of the oil and gas company's stock valued at $73,000 after acquiring an additional 3,433 shares in the last quarter. Vident Advisory LLC increased its stake in shares of Sasol by 11.2% in the 4th quarter. Vident Advisory LLC now owns 40,690 shares of the oil and gas company's stock valued at $186,000 after acquiring an additional 4,108 shares in the last quarter. US Bancorp DE increased its stake in shares of Sasol by 27.5% in the 1st quarter. US Bancorp DE now owns 20,604 shares of the oil and gas company's stock valued at $87,000 after acquiring an additional 4,442 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Sasol by 29.5% in the 4th quarter. Ameriprise Financial Inc. now owns 22,028 shares of the oil and gas company's stock valued at $100,000 after acquiring an additional 5,021 shares in the last quarter. Institutional investors own 1.21% of the company's stock.

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.