Sims Metal Management (OTCMKTS:SMSMY) Stock Price Up 10.9% - Here's What Happened

Key Points

• Shares jumped 10.9% Monday to $15.5175 from a $13.9980 close, though trading volume was thin at about 718 shares—roughly 90% below the average daily volume of 7,016.
• Wall Street sentiment has improved: Royal Bank of Canada raised its rating to a “moderate buy” and Goldman Sachs moved the stock from “strong sell” to “hold,” leaving MarketBeat’s average rating at “Moderate Buy.”
• Sims Metal Management, the global metal‑recycling arm of Sims Limited, is trading above its technicals with a 50‑day SMA of $14.15 and a 200‑day SMA of $12.52.

Sims Metal Management Ltd. (OTCMKTS:SMSMY - Get Free Report) shares rose 10.9% on Monday . The company traded as high as $15.5175 and last traded at $15.5175. Approximately 718 shares were traded during trading, a decline of 90% from the average daily volume of 7,016 shares. The stock had previously closed at $13.9980.

Wall Street Analysts Forecast Growth

SMSMY has been the topic of a number of research reports. Royal Bank Of Canada raised shares of Sims Metal Management from a "hold" rating to a "moderate buy" rating in a research note on Wednesday, March 18th. The Goldman Sachs Group upgraded Sims Metal Management from a "strong sell" rating to a "hold" rating in a research report on Tuesday, March 10th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Sims Metal Management presently has an average rating of "Moderate Buy".

Sims Metal Management Trading Up 3.5%

The firm has a 50-day simple moving average of $14.15 and a 200 day simple moving average of $12.52.

Sims Metal Management Company Profile

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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