Associated British Foods (OTCMKTS:ASBFY) Shares Gap Up – Here’s Why

Associated British Foods PLC (OTCMKTS:ASBFY)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $23.44, but opened at $24.22. Associated British Foods shares last traded at $24.26, with a volume of 3,795 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Jefferies Financial Group downgraded Associated British Foods from a “hold” rating to an “underperform” rating in a report on Monday, December 15th. Zacks Research downgraded Associated British Foods from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 10th. The Goldman Sachs Group cut shares of Associated British Foods from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Finally, Sanford C. Bernstein lowered shares of Associated British Foods from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Associated British Foods presently has an average rating of “Hold”.

Associated British Foods Stock Up 0.7%

The company has a quick ratio of 0.75, a current ratio of 1.54 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $25.74 and a 200-day simple moving average of $27.59.

About Associated British Foods

Associated British Foods plc (OTCMKTS:ASBFY) is a diversified international food, ingredients and retail group headquartered in the United Kingdom. Founded in 1935, the company operates through multiple divisions that span grocery brands, sugar production and refining, ingredient and bakery systems, agriculture and a large value-fashion retail business. Its portfolio combines branded consumer goods with industrial food and agricultural operations, giving it exposure across the consumer staples and retail sectors.

On the grocery and branded side, the group owns and markets a range of food and beverage products, including well-known tea and grocery lines, while its ingredients businesses supply yeast, bakery ingredients and other inputs to commercial bakers and food manufacturers.