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

Glencore plc (LON:GLEN)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of GBX 303.22 ($4.07) and traded as high as GBX 310.65 ($4.17). Glencore shares last traded at GBX 303.80 ($4.08), with a volume of 21,257,732 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GLEN. Berenberg Bank dropped their price objective on shares of Glencore from GBX 380 ($5.10) to GBX 330 ($4.43) and set a “buy” rating on the stock in a research note on Thursday, July 3rd. Royal Bank Of Canada cut their price objective on shares of Glencore from GBX 380 ($5.10) to GBX 360 ($4.83) and set an “outperform” rating for the company in a research report on Wednesday, July 2nd. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of GBX 410 ($5.51).

Glencore Stock Performance

The company has a current ratio of 1.30, a quick ratio of 0.32 and a debt-to-equity ratio of 77.14. The business’s 50 day simple moving average is GBX 285.81 and its 200 day simple moving average is GBX 303.22. The company has a market cap of £46.87 billion, a P/E ratio of -86.05, a PEG ratio of 0.43 and a beta of 1.21.

About Glencore

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.