The stock of Bird Construction Inc (TSE:BDT) gapped down by $0.06 today and has $9.55 target or 10.00% below today’s $10.61 share price. The 5 months technical chart setup indicates high risk for the $445.03M company. The gap down was reported on Sep, 13 by Barchart.com. If the $9.55 price target is reached, the company will be worth $44.50 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 96,671 shares traded hands. Bird Construction Inc (TSE:BDT) has declined 8.03% since February 5, 2016 and is downtrending. It has underperformed by 24.52% the S&P500.
Out of 4 analysts covering Bird Construction (TSE:BDT), 0 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 0 are positive. Bird Construction has been the topic of 8 analyst reports since November 12, 2015 according to StockzIntelligence Inc.
Bird Construction Inc. operates as a general contractor in the Canadian construction market. The company has a market cap of $445.03 million. The Firm focuses on projects in the industrial, commercial and institutional sectors of the general contracting industry. It has a 23.53 P/E ratio. It operates through the general contracting sector of the construction industry segment.
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