Sims Metal Management (OTCMKTS:SMSMY) Shares Up 9.6% – Should You Buy?

Sims Metal Management Ltd. (OTCMKTS:SMSMY) shot up 9.6% during mid-day trading on Thursday . The company traded as high as $21.35 and last traded at $20.15. 901 shares changed hands during trading, a decline of 85% from the average session volume of 5,834 shares. The stock had previously closed at $18.3770.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SMSMY. Zacks Research downgraded shares of Sims Metal Management from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. Royal Bank Of Canada upgraded shares of Sims Metal Management from a “hold” rating to a “moderate buy” rating in a report on Wednesday, March 18th. Finally, The Goldman Sachs Group upgraded shares of Sims Metal Management from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 10th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Sims Metal Management presently has an average rating of “Hold”.

Sims Metal Management Trading Down 2.0%

The stock’s fifty day moving average price is $15.21 and its 200-day moving average price is $13.83.

About Sims Metal Management

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.