What happened

After crashing 62% yesterday, shares of Ferroglobe (NASDAQ:GSM) are rebounding on Wednesday and had risen nearly 25% by 10:30 a.m. EST. Driving the bounce-back is some slightly positive commentary by an analyst today.

So what

An analyst at B. Riley FBR lowered his price target on the stock from $14 all the way down to $4 per share in reaction to the company's disappointing third-quarter results. However, the analyst maintained his buy rating on the stock, noting that the $4 price target implied a multiple of eight times his reduced earnings expectations for 2019, which is an unchanged multiple from his prior estimate. With the stock beginning the day at less than $2 per share, this price target implied 100% upside.

A dollar bill folded as an arrow that goes down but then back up higher.

Image source: Getty Images.

Other analysts aren't quite as bullish. JP Morgan, for example, lowered its estimates on the company today while withdrawing its price target on the stock due to the current market uncertainty. Meanwhile, Oppenheimer downgraded the stock yesterday from outperform to perform following the poor third-quarter results, which were "significantly" below expectations.

Now what

The market punished Ferroglobe yesterday after it posted weaker-than-expected results due to deteriorating market conditions. That forced the company to take swift action by curtailing production so that it could boost cash flow. It's unclear when conditions might improve, which means this stock could remain very volatile until there are clear signs that things are getting better.

Matthew DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.