Ferroglobe (NASDAQ:GSM) Shares Gap Up – What’s Next?

Ferroglobe PLC (NASDAQ:GSM)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $3.42, but opened at $3.92. Ferroglobe shares last traded at $3.84, with a volume of 600,608 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Ferroglobe in a research report on Friday, June 26th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Ferroglobe has a consensus rating of “Hold” and an average target price of $6.00.

Ferroglobe Stock Up 17.8%

The company has a quick ratio of 0.80, a current ratio of 1.43 and a debt-to-equity ratio of 0.09. The firm has a market cap of $752.12 million, a PE ratio of -6.72 and a beta of 1.02. The firm’s 50 day moving average is $3.61 and its 200-day moving average is $4.24.

Ferroglobe (NASDAQ:GSM) last announced its earnings results on Tuesday, March 31st. The basic materials company reported ($0.07) earnings per share (EPS) for the quarter. The firm had revenue of $347.75 million for the quarter. Ferroglobe had a negative return on equity of 5.63% and a negative net margin of 8.09%. As a group, equities research analysts expect that Ferroglobe PLC will post -0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ferroglobe

Hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its position in shares of Ferroglobe by 168.8% in the first quarter. Millennium Management LLC now owns 1,110,759 shares of the basic materials company’s stock valued at $4,121,000 after purchasing an additional 697,476 shares during the period. Goldman Sachs Group Inc. lifted its position in Ferroglobe by 32.6% during the first quarter. Goldman Sachs Group Inc. now owns 331,778 shares of the basic materials company’s stock worth $1,231,000 after buying an additional 81,611 shares during the period. Geode Capital Management LLC lifted its position in Ferroglobe by 1,068.3% during the second quarter. Geode Capital Management LLC now owns 1,558,383 shares of the basic materials company’s stock worth $5,719,000 after buying an additional 1,424,998 shares during the period. Legal & General Group Plc lifted its position in Ferroglobe by 48.6% during the second quarter. Legal & General Group Plc now owns 129,244 shares of the basic materials company’s stock worth $474,000 after buying an additional 42,279 shares during the period. Finally, Rhumbline Advisers boosted its stake in Ferroglobe by 4,411.5% in the 2nd quarter. Rhumbline Advisers now owns 178,611 shares of the basic materials company’s stock worth $655,000 after buying an additional 174,652 shares during the last quarter. Institutional investors and hedge funds own 89.64% of the company’s stock.

About Ferroglobe

Ferroglobe PLC is a leading producer of specialty metals and alloys, serving a diverse range of industrial customers worldwide. The company’s core operations focus on the manufacture of silicon metal, silicon-based alloys, manganese-based alloys and rare earth alloys, which are essential inputs for the aluminum, steel, chemical and electronics industries. Ferroglobe’s product portfolio includes high-purity silicon, ferrosilicon, silicon manganese, manganese alloys and various recarburizers used to enhance metal strength, durability and conductivity.

With production facilities located across North America, Europe, South America and Africa, Ferroglobe maintains a global footprint that allows it to supply customers on multiple continents.