Glencore (OTCMKTS:GLNCY) Shares Gap Down – Here’s Why

Glencore PLC (OTCMKTS:GLNCY)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $14.05, but opened at $13.33. Glencore shares last traded at $13.6150, with a volume of 305,867 shares trading hands.

Wall Street Analyst Weigh In

GLNCY has been the topic of several recent research reports. Barclays reiterated an “overweight” rating on shares of Glencore in a report on Wednesday, February 25th. Zacks Research lowered Glencore from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 10th. Freedom Capital cut Glencore from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Morgan Stanley reissued an “overweight” rating on shares of Glencore in a research report on Thursday, April 9th. Finally, Citigroup restated a “buy” rating on shares of Glencore in a research note on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.30.

Glencore Price Performance

The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.54 and a current ratio of 1.06. The business has a fifty day simple moving average of $15.34 and a 200 day simple moving average of $13.77.

Glencore Company Profile

Glencore is a global natural resources company engaged in the production, processing and marketing of commodities. The business combines large-scale mining and metals operations with an extensive physical commodities trading and marketing platform. Its activities span the full commodity value chain, from extraction and smelting/refining to the commercial distribution of metals and energy products to industrial customers worldwide.

Key product areas include base and precious metals (such as copper, zinc, nickel and related concentrates), bulk commodities and energy products (including thermal coal and oil) and associated value‑added materials and services.