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

Sims Metal Management Ltd. (OTCMKTS:SMSMY) gapped up prior to trading 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 trading hands.

Analysts Set New Price Targets

SMSMY has been the topic of several recent research reports. Zacks Research cut shares of Sims Metal Management from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. The Goldman Sachs Group raised shares of Sims Metal Management from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 10th. Finally, Royal Bank Of Canada raised shares of Sims Metal Management from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, March 18th. One investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

Sims Metal Management Stock Performance

The company’s 50-day simple moving average is $15.12 and its 200 day simple moving average is $13.79.

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.