Glencore (LON:GLEN) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Glencore plc (LON:GLEN)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 320.05 and traded as high as GBX 384.90. Glencore shares last traded at GBX 383.79, with a volume of 24,396,920 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GLEN shares. Berenberg Bank reaffirmed a “hold” rating and issued a GBX 350 target price on shares of Glencore in a report on Thursday, October 30th. Citigroup raised their price objective on shares of Glencore from GBX 370 to GBX 380 and gave the company a “buy” rating in a research report on Thursday, August 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a GBX 320 price objective on shares of Glencore in a report on Wednesday, December 3rd. Finally, JPMorgan Chase & Co. increased their target price on Glencore from GBX 400 to GBX 450 and gave the stock a “neutral” rating in a research note on Wednesday, December 3rd. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of GBX 391.67.

Glencore Stock Up 0.4%

The company has a debt-to-equity ratio of 77.14, a current ratio of 1.30 and a quick ratio of 0.32. The firm’s 50-day simple moving average is GBX 358.85 and its two-hundred day simple moving average is GBX 320.05. The company has a market capitalization of £45.11 billion, a price-to-earnings ratio of -24.02, a price-to-earnings-growth ratio of 0.43 and a beta of 1.21.

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.