Sims Metal Management (OTCMKTS:SMSMY) Shares Gap Up – Here’s Why

Sims Metal Management Ltd. (OTCMKTS:SMSMY) gapped up before the market opened on Wednesday . The stock had previously closed at $17.30, but opened at $18.30. Sims Metal Management shares last traded at $18.30, with a volume of 501 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Jefferies Financial Group raised Sims Metal Management from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, June 17th. Zacks Research raised shares of Sims Metal Management from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Royal Bank Of Canada upgraded shares of Sims Metal Management from a “hold” rating to a “moderate buy” rating in a report on Wednesday, March 18th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Sims Metal Management currently has an average rating of “Hold”.

Sims Metal Management Stock Up 4.5%

The stock has a fifty day moving average price of $18.01 and a 200-day moving average price of $15.33.

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.