Glencore (LON:GLEN) Stock Passes Above 200 Day Moving Average – Here’s Why

Glencore plc (LON:GLEN)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 304.76 and traded as high as GBX 370.10. Glencore shares last traded at GBX 369.14, with a volume of 56,534,656 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GLEN. Citigroup upped their target price on Glencore from GBX 370 to GBX 380 and gave the stock a “buy” rating in a report on Thursday, August 14th. Deutsche Bank Aktiengesellschaft dropped their price objective on Glencore from GBX 400 to GBX 380 and set a “buy” rating on the stock in a research note on Tuesday, August 12th. Berenberg Bank reissued a “hold” rating and issued a GBX 350 target price on shares of Glencore in a research note on Thursday, October 30th. JPMorgan Chase & Co. restated a “neutral” rating and set a GBX 400 target price on shares of Glencore in a report on Friday, October 10th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a GBX 350 price target on shares of Glencore in a research note on Monday, August 18th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of GBX 388.33.

Glencore Stock Performance

The stock has a market capitalization of £43.49 billion, a price-to-earnings ratio of -23.07, a P/E/G ratio of 0.43 and a beta of 1.21. The company’s fifty day simple moving average is GBX 336.44 and its 200 day simple moving average is GBX 304.76. The company has a quick ratio of 0.32, a current ratio of 1.30 and a debt-to-equity ratio of 77.14.

Glencore Company Profile

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.