The stock of Gluskin Sheff + Associates Inc (TSE:GS) gapped down by $0.15 today and has $16.17 target or 8.00% below today’s $17.58 share price. The 8 months technical chart setup indicates high risk for the $545.96 million company. The gap down was reported on Sep, 13 by Barchart.com. If the $16.17 price target is reached, the company will be worth $43.68M 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 95,829 shares traded hands or 59.26% up from the average. Gluskin Sheff + Associates Inc (TSE:GS) has risen 0.27% since February 5, 2016 and is uptrending. It has underperformed by 16.21% the S&P500.
Out of 6 analysts covering Gluskin Sheff and Associates (TSE:GS), 3 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 50% are positive. Gluskin Sheff and Associates has been the topic of 18 analyst reports since September 18, 2015 according to StockzIntelligence Inc.
Gluskin Sheff + Associates Inc. is a wealth management company, which is engaged in providing investment management services for high net worth private clients in Canada and abroad. The company has a market cap of $545.96 million. The Firm offers its clients various investment strategies across equity, fixed income and alternative asset classes. It has a 12.88 P/E ratio. The Firm provides wealth management services to high net worth investors, including entrepreneurs, professionals, family trusts, private charitable foundations and estates, and also serves number of institutions as clients.
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