Sasol (NYSE:SSL) Shares Gap Up - Here's What Happened

Sasol Ltd. (NYSE:SSL - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $4.60, but opened at $4.81. Sasol shares last traded at $4.80, with a volume of 193,895 shares.

Wall Street Analysts Forecast Growth

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

Sasol Stock Performance

The company has a 50-day moving average price of $4.32 and a 200-day moving average price of $4.34. The firm has a market capitalization of $3.24 billion, a P/E ratio of 2.20, a price-to-earnings-growth ratio of 0.16 and a beta of 0.76.

Hedge Funds Weigh In On Sasol

Several hedge funds have recently added to or reduced their stakes in SSL. Millennium Management LLC boosted its position in shares of Sasol by 75.7% during the first quarter. Millennium Management LLC now owns 1,450,355 shares of the oil and gas company's stock worth $6,135,000 after purchasing an additional 624,911 shares in the last quarter. Two Sigma Investments LP raised its position in Sasol by 100.7% in the 4th quarter. Two Sigma Investments LP now owns 1,054,238 shares of the oil and gas company's stock valued at $4,807,000 after buying an additional 528,860 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Sasol by 9.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 792,140 shares of the oil and gas company's stock worth $3,612,000 after purchasing an additional 68,978 shares in the last quarter. American Century Companies Inc. lifted its position in Sasol by 7.6% during the 1st quarter. American Century Companies Inc. now owns 709,675 shares of the oil and gas company's stock worth $3,002,000 after buying an additional 50,412 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Sasol by 119.0% during the fourth quarter. Renaissance Technologies LLC now owns 670,011 shares of the oil and gas company's stock worth $3,055,000 after acquiring an additional 364,111 shares in the last quarter. Institutional investors and hedge funds 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.