Ferroglobe shares surge 11.70% premarket as stock crosses above 200-day moving average.

Ferroglobe surged 11.70% in premarket trading, driven by strong Q2 2023 financial results reported on August 15–16, 2023, which included earnings and revenue beats. The company’s announcement of improved profitability, reduced debt, and a $150 million bond redemption in July bolstered investor confidence. Institutional activity, such as Cooper Creek Partners’ $69.38 million investment in September and increased holdings by Barrow Hanley Mewhinney & Strauss, further signaled optimism. These developments aligned with positive coverage of Ferroglobe’s secular tailwinds and cyclical recovery in the metals sector, cited in August. The upward move contrasts with an earlier 11% earnings estimate cut in August, as recent fundamentals and capital structure improvements overshadowed prior skepticism.