The stock of Amaya Inc (TSE:AYA) gapped down by $1.2 today and has $16.85 target or 9.00% below today’s $18.52 share price. The 9 months technical chart setup indicates high risk for the $2.61 billion company. The gap down was reported on Oct, 18 by Barchart.com. If the $16.85 price target is reached, the company will be worth $234.90 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 888,825 shares traded hands or 311.79% up from the average. Amaya Inc (TSE:AYA) has risen 7.00% since March 11, 2016 and is uptrending. It has outperformed by 1.52% the S&P500.
More recent Amaya Inc (TSE:AYA) news were published by: Reuters.com which released: “William Hill, Amaya drop short-lived gambling merger talks” on October 18, 2016. Also Reuters.com published the news titled: “Canada’s Amaya, Britain’s William Hill in talks to merge” on October 07, 2016. Reuters.com‘s news article titled: “BRIEF-Amaya Inc says confirms potential merger talks with William Hill” with publication date: October 07, 2016 was also an interesting one.
Amaya Inc. is a Canada-based provider of technology services and products in the global gaming and interactive entertainment industries. The company has a market cap of $2.61 billion. The Company’s business-to-consumer business consists of the activities of Amaya Group Holding (IOM) Limited and its subsidiaries (collectively Rational Group). It has a 1513.07 P/E ratio. Rational Group offers services and products, such as online (including desktop and mobile) real- and play-money poker and other products, including casino and sports betting (also known as sportsbook).
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