Ferroglobe (NASDAQ:GSM) Shares Gap Down - Here's Why

Ferroglobe PLC (NASDAQ:GSM - Get Free Report)'s share price 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.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Ferroglobe from a "hold" rating to a "buy" rating in a research report on Wednesday, August 7th.

Ferroglobe Stock Performance

The stock has a 50-day moving average price of $4.37 and a 200 day moving average price of $5.01. The company has a quick ratio of 0.91, a current ratio of 1.63 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $835.94 million, a price-to-earnings ratio of 13.37 and a beta of 1.88.

Ferroglobe (NASDAQ:GSM - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.05. Ferroglobe had a return on equity of 11.27% and a net margin of 4.11%. The business had revenue of $451.05 million during the quarter, compared to analysts' expectations of $425.55 million. During the same period in the prior year, the firm posted $0.30 EPS. On average, analysts forecast that Ferroglobe PLC will post 0.28 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Hosking Partners LLP lifted its stake in Ferroglobe by 48.7% in the second quarter. Hosking Partners LLP now owns 9,108,922 shares of the basic materials company's stock valued at $48,824,000 after buying an additional 2,981,907 shares during the last quarter. Old West Investment Management LLC boosted its stake in Ferroglobe by 233.4% during the 3rd quarter. Old West Investment Management LLC now owns 3,758,501 shares of the basic materials company's stock worth $17,439,000 after purchasing an additional 2,631,024 shares during the period. Thomist Capital Management LP grew its position in Ferroglobe by 159.3% during the 2nd quarter. Thomist Capital Management LP now owns 3,133,022 shares of the basic materials company's stock worth $18,031,000 after purchasing an additional 1,924,879 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Ferroglobe by 15.2% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,621,112 shares of the basic materials company's stock valued at $40,849,000 after purchasing an additional 1,003,918 shares during the period. Finally, Tyro Capital Management LLC raised its holdings in shares of Ferroglobe by 79.4% in the first quarter. Tyro Capital Management LLC now owns 1,992,274 shares of the basic materials company's stock valued at $9,922,000 after buying an additional 881,976 shares during the last quarter. 89.64% of the stock is owned by hedge funds and other institutional investors.

Ferroglobe Company Profile

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.

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