SSAB (OTCMKTS:SSAAY) Shares Gap Up – Here’s Why

SSAB (OTCMKTS:SSAAY) gapped up prior to trading on Friday . The stock had previously closed at $4.13, but opened at $4.60. SSAB shares last traded at $4.60, with a volume of 1,008 shares changing hands.

Wall Street Analysts Forecast Growth

SSAAY has been the topic of a number of recent analyst reports. Citigroup restated a “buy” rating on shares of SSAB in a research report on Thursday. Danske raised shares of SSAB from a “hold” rating to a “buy” rating in a report on Thursday, October 23rd. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, SSAB currently has an average rating of “Moderate Buy”.

SSAB Trading Up 11.4%

The firm has a 50-day moving average of $3.75 and a two-hundred day moving average of $3.31. The firm has a market capitalization of $9.17 billion, a P/E ratio of 18.40 and a beta of 1.31. The company has a current ratio of 2.38, a quick ratio of 1.30 and a debt-to-equity ratio of 0.06.

SSAB (OTCMKTS:SSAAY) last issued its earnings results on Wednesday, October 22nd. The basic materials company reported $0.08 EPS for the quarter. The firm had revenue of $2.41 billion during the quarter. SSAB had a return on equity of 7.33% and a net margin of 5.17%. On average, analysts anticipate that SSAB will post 0.24 EPS for the current year.

SSAB Company Profile

SSAB (OTCMKTS:SSAAY) is a Swedish steel producer specializing in high-strength and wear-resistant steels. The company develops and manufactures steel products for customers in industries such as construction, automotive, mining and heavy transport. SSAB’s key brands include Hardox® for abrasion-resistant steel, Strenx® for high-strength steel in structural applications and Docol® for advanced automotive steel solutions.

Founded in 1978 through the merger of Sweden’s state-owned steelworks, SSAB was privatized in the mid-1980s and listed on the Nasdaq Stockholm exchange.