Sims Metal Management (OTCMKTS:SMSMY) Shares Gap Up - Here's Why

Key Points

• Sims Metal Management stock gapped up pre-market, jumping from a $12.5350 close to a $14.19 open and last trading at $13.6250 on light volume (763 shares), about a 4.8% intraday rise.
• Analysts have recently upgraded the shares — Goldman Sachs moved it from "strong sell" to "hold" (Mar 10) and RBC from "hold" to "moderate buy" (Mar 18) — leaving an average rating of Moderate Buy.
• Technicals show a 50-day simple moving average of $14.22 and a 200-day SMA of $12.03; the company is the global metal recycling arm of Sims Limited trading OTC as SMSMY.

Sims Metal Management Ltd. (OTCMKTS:SMSMY - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $12.5350, but opened at $14.19. Sims Metal Management shares last traded at $13.6250, with a volume of 763 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SMSMY shares. The Goldman Sachs Group raised shares of Sims Metal Management from a "strong sell" rating to a "hold" rating in a report on Tuesday, March 10th. Royal Bank Of Canada raised shares of Sims Metal Management from a "hold" rating to a "moderate buy" rating in a report on Wednesday, March 18th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy".

Sims Metal Management Stock Up 4.8%

The company's fifty day simple moving average is $14.22 and its 200 day simple moving average is $12.03.

About Sims Metal Management

Sims Metal Management, trading over-the-counter under the symbol SMSMY, is the global metal recycling division of Sims Limited. Established in the early 20th century, the company has grown into one of the world's leading recyclers of ferrous and non-ferrous metals. It serves a diverse customer base, including steel mills, foundries, manufacturers and fabricators, by collecting, processing and trading scrap metal commodities.

The company's core activities encompass the sourcing and processing of end-of-life metal products.

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