The stock of Sangoma Technologies Corporation (CVE:STC) gapped up by $0.01 today and has $0.93 target or 157.00% above today’s $0.36 share price. The 7 months technical chart setup indicates low risk for the $11.69 million company. The gap was reported on Sep, 14 by Barchart.com. If the $0.93 price target is reached, the company will be worth $18.35 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 2.86% or $0.01 on September 13, hitting $0.36. About 70,800 shares traded hands. Sangoma Technologies Corporation (CVE:STC) has risen 6.00% since August 15, 2016 and is uptrending. It has underperformed by 10.49% the S&P500.
Sangoma Technologies Corporation is a well-known provider of hardware and software components that enable or enhance IP Communications Systems for voice, data and video applications for both telecom and datacom applications. The company has a market cap of $11.69 million. Sangoma’s connectivity solutions are used in unified communications, PBX, IVR, contact center and data-communication applications worldwide. It has a 25.41 P/E ratio.
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