Ferroglobe (NASDAQ:GSM) Shares Gap Down – Here’s What Happened

Ferroglobe PLC (NASDAQ:GSM) gapped down before the market opened on Thursday . The stock had previously closed at $4.68, but opened at $4.36. Ferroglobe shares last traded at $4.49, with a volume of 375,519 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Ferroglobe from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th.

Ferroglobe Stock Down 4.7 %

The firm’s 50-day simple moving average is $4.37 and its 200 day simple moving average is $5.01. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.91 and a current ratio of 1.63. The company has a market capitalization of $835.94 million, a PE ratio of 13.37 and a beta of 1.88.

Ferroglobe (NASDAQ:GSM) last issued its earnings results on Monday, August 5th. The basic materials company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.05. Ferroglobe had a net margin of 4.11% and a return on equity of 11.27%. The company had revenue of $451.05 million for the quarter, compared to analyst estimates of $425.55 million. During the same period in the prior year, the business posted $0.30 earnings per share. As a group, equities research analysts forecast that Ferroglobe PLC will post 0.28 earnings per share for the current year.

Hedge Funds Weigh In On Ferroglobe

Several hedge funds have recently bought and sold shares of GSM. Central Pacific Bank Trust Division purchased a new position in Ferroglobe during the 1st quarter valued at about $208,000. GSA Capital Partners LLP acquired a new position in shares of Ferroglobe during the 1st quarter worth approximately $811,000. Russell Investments Group Ltd. lifted its stake in Ferroglobe by 22.6% in the 1st quarter. Russell Investments Group Ltd. now owns 424,205 shares of the basic materials company’s stock valued at $2,113,000 after buying an additional 78,103 shares in the last quarter. First Eagle Investment Management LLC grew its holdings in Ferroglobe by 8.6% during the 1st quarter. First Eagle Investment Management LLC now owns 1,620,155 shares of the basic materials company’s stock valued at $8,068,000 after buying an additional 127,795 shares during the last quarter. Finally, Covestor Ltd increased its position in Ferroglobe by 266.1% during the first quarter. Covestor Ltd now owns 5,316 shares of the basic materials company’s stock worth $26,000 after buying an additional 3,864 shares in the last quarter. 89.64% of the stock is owned by hedge funds and other institutional investors.

About Ferroglobe

Ferroglobe PLC produces and sells silicon metal, and silicon and manganese-based ferroalloys in the United States, Europe, and internationally. It provides silicone chemicals that are used in a range of applications, including personal care items, construction-related products, health care products, and electronics; and silicon metal for primary and secondary aluminum producers.