The stock of Magellan Aerospace Corp (TSE:MAL) gapped up by $0.02 today and has $28.33 target or 58.00% above today’s $17.93 share price. The 6 months technical chart setup indicates low risk for the $1.07B company. The gap was reported on Oct, 28 by Barchart.com. If the $28.33 price target is reached, the company will be worth $620.60M 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 30,195 shares traded hands or 11.06% up from the average. Magellan Aerospace Corp (TSE:MAL) has risen 9.90% since March 23, 2016 and is uptrending. It has outperformed by 5.19% the S&P500.
Magellan Aerospace Corp (TSE:MAL) Ratings Coverage
Out of 3 analysts covering Magellan Aerospace Corporation (TSE:MAL), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $23.75 is the highest target while $19 is the lowest. The $22.25 average target is 24.09% above today’s ($17.93) stock price. Magellan Aerospace Corporation has been the topic of 6 analyst reports since August 4, 2015 according to StockzIntelligence Inc. TD Securities downgraded the stock to “Buy” rating in Wednesday, August 12 report. The company was maintained on Monday, October 24 by Canaccord Genuity.
More news for Magellan Aerospace Corp (TSE:MAL) were recently published by: Seekingalpha.com, which released: “Magellan Aerospace: This Under-Appreciated Aerospace Company Will Rise 20 …” on April 24, 2016. Prnewswire.com‘s article titled: “Magellan Aerospace Announces Contract Award with Boeing” and published on May 11, 2012 is yet another important article.
Magellan Aerospace Corporation is a Canada supplier of components to the aerospace industry and in certain applications for power generation projects. The company has a market cap of $1.07 billion. The Firm engineers and makes aeroengine and aerostructure components for aerospace markets, including products for defense and space markets, and complementary specialty products. It has a 11.63 P/E ratio. The Company’s divisions include Aerospace and Power Generation Project.
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