Sims Metal Management (OTCMKTS:SMSMY) Shares Gap Up – Still a Buy?

Sims Metal Management Ltd. (OTCMKTS:SMSMY)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $18.3770, but opened at $20.00. Sims Metal Management shares last traded at $20.00, with a volume of 2,434 shares.

Analysts Set New Price Targets

Several research analysts have issued reports on SMSMY shares. The Goldman Sachs Group upgraded shares of Sims Metal Management from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 10th. Zacks Research lowered shares of Sims Metal Management from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Finally, Royal Bank Of Canada upgraded shares of Sims Metal Management from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, March 18th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Sims Metal Management presently has a consensus rating of “Hold”.

Sims Metal Management Stock Performance

The firm’s 50-day simple moving average is $14.84 and its two-hundred day simple moving average is $13.60.

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.