The stock of Abitibi Royalties Inc (CVE:RZZ) gapped up by $0.17 today and has $19.16 target or 132.00% above today’s $8.26 share price. The 6 months technical chart setup indicates low risk for the $95.97M company. The gap was reported on Oct, 19 by Barchart.com. If the $19.16 price target is reached, the company will be worth $126.68M 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 4,450 shares traded hands. Abitibi Royalties Inc (CVE:RZZ) has risen 6.00% since September 19, 2016 and is uptrending. It has outperformed by 0.46% the S&P500.
More notable recent Abitibi Royalties Inc (CVE:RZZ) news were published by: Marketwired.com which released: “Abitibi Royalties News Release Update on Investment Portfolio” on October 19, 2016, also Marketwired.com with their article: “Abitibi Royalties Inc.: Rob McEwen to Purchase Additional 439084 Shares for …” published on June 02, 2016, Business.Financialpost.com published: “Abitibi Royalties Inc gets creative to find mining investment opportunities” on June 10, 2015. More interesting news about Abitibi Royalties Inc (CVE:RZZ) were released by: Seekingalpha.com and their article: “Checking In On Abitibi Royalties, Golden Valley Mines” published on September 21, 2016 as well as Marketwired.com‘s news article titled: “Abitibi Royalties Completes C$60 Million Transaction on the Malartic CHL Project” with publication date: March 20, 2015.
Abitibi Royalties Inc., together with its various subsidiaries, is involved in initial grassroots exploration projects. The company has a market cap of $95.97 million. The Firm operates through exploration and evaluation of mineral resources segment. It has a 4.37 P/E ratio. The Company’s properties include Canadian Malartic property, and Luc Bourdon and Bourdon West prospects.
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