The stock of Home Capital Group Inc (TSE:HCG) gapped up by $0.09 today and has $40.67 target or 61.00% above today’s $25.26 share price. The 5 months technical chart setup indicates low risk for the $1.65B company. The gap was reported on Oct, 18 by Barchart.com. If the $40.67 price target is reached, the company will be worth $1.01 billion 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%. About 193,856 shares traded hands. Home Capital Group Inc (TSE:HCG) has declined 32.04% since March 11, 2016 and is downtrending. It has underperformed by 37.53% the S&P500.
Home Capital Group Inc (TSE:HCG) Ratings Coverage
Out of 3 analysts covering Home Capital Group Inc. (TSE:HCG), 1 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 33% are positive. $42 is the highest target while $31 is the lowest. The $35.20 average target is 39.35% above today’s ($25.26) stock price. Home Capital Group Inc. has been the topic of 16 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The company was upgraded on Friday, January 22 by TD Securities. RBC Capital Markets maintained Home Capital Group Inc (TSE:HCG) rating on Tuesday, December 8. RBC Capital Markets has “Underperform” rating and $36 price target. RBC Capital Markets maintained it with “Underperform” rating and $37 target price in Thursday, November 5 report. Scotia Capital maintained it with “Sector Outperform” rating and $42 target price in Friday, July 31 report.
More recent Home Capital Group Inc (TSE:HCG) news were published by: Seekingalpha.com which released: “Home Capital Group: Time To ‘Re-Charge’ Your Loan Loss Provisions” on August 23, 2016. Also Seekingalpha.com published the news titled: “Home Capital Group: Business Model Confuses Market” on August 05, 2016. Seekingalpha.com‘s news article titled: “Portfolio Update: Why I Sold Part Of My Home Capital Group Inc. Position” with publication date: April 28, 2016 was also an interesting one.
Home Capital Group Inc. is a Canada holding company, which operates primarily through its subsidiary, Home Trust Company . The company has a market cap of $1.65 billion. The Company, through its subsidiary, offers residential and non-residential mortgage lending, securitization of insured residential first mortgage products, consumer lending and credit card products. It has a 6.41 P/E ratio. Home Trust also offers deposits through brokers and financial planners, and through its direct to consumer deposit brand, Oaken Financial.
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