The stock of GMP Capital Inc. (TSE:GMP) gapped up by $0.03 today and has $8.92 target or 94.00% above today’s $4.60 share price. The 7 months technical chart setup indicates low risk for the $383.06 million company. The gap was reported on Oct, 31 by Barchart.com. If the $8.92 price target is reached, the company will be worth $360.08 million 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 114,791 shares traded hands or 556.44% up from the average. GMP Capital Inc. (TSE:GMP) has declined 4.18% since March 24, 2016 and is downtrending. It has underperformed by 7.65% the S&P500.
More recent GMP Capital Inc. (TSE:GMP) news were published by: Business.Financialpost.com which released: “GMP Capital Inc to cut 97 jobs, suspend dividend, exit U.K. and Australia” on January 13, 2016. Also Wsj.com published the news titled: “GMP Capital, Desjardins Capital Markets Make Some Key Hirings” on March 01, 2016. Theglobeandmail.com‘s news article titled: “GMP, FirstEnergy cut staff with ink on deal barely dry” with publication date: August 17, 2016 was also an interesting one.
GMP Capital Inc. is a diversified financial services firm. The company has a market cap of $383.06 million. The Firm provides a range of financial services and products to a client base that includes corporate clients, institutional investors and high-net-worth individuals in two integrated divisions. It currently has negative earnings. The Firm operates in two divisions: Capital Markets and Wealth Management.
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