The stock of HudBay Minerals Inc. (TSE:HBM) gapped up by $0.09 today and has $7.89 target or 36.00% above today’s $5.80 share price. The 8 months technical chart setup indicates low risk for the $1.41 billion company. The gap was reported on Nov, 1 by Barchart.com. If the $7.89 price target is reached, the company will be worth $507.60 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 2.09M shares traded hands or 24.40% up from the average. HudBay Minerals Inc. (TSE:HBM) has risen 13.91% since March 28, 2016 and is uptrending. It has outperformed by 10.90% the S&P500.
HudBay Minerals Inc. (TSE:HBM) Ratings Coverage
Out of 8 analysts covering Hudbay Minerals Inc (TSE:HBM), 6 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 75% are positive. $12 is the highest target while $4.25 is the lowest. The $8.16 average target is 40.69% above today’s ($5.8) stock price. Hudbay Minerals Inc has been the topic of 33 analyst reports since July 22, 2015 according to StockzIntelligence Inc. As per Monday, December 14, the company rating was maintained by RBC Capital Markets. The rating was maintained by RBC Capital Markets with “Sector Perform” on Thursday, January 14. The rating was maintained by RBC Capital Markets on Tuesday, October 25 with “Outperform”. The stock of HudBay Minerals Inc. (TSE:HBM) earned “Outperform” rating by RBC Capital Markets on Monday, May 16. Scotia Capital maintained it with “Outperform” rating and $8 target price in Friday, July 29 report. The rating was maintained by RBC Capital Markets on Friday, April 29 with “Sector Perform”.
Another recent and important HudBay Minerals Inc. (TSE:HBM) news was published by Business.Financialpost.com which published an article titled: “HudBay Minerals Inc upgraded at RBC” on May 16, 2016.
HudBay Minerals Inc. is a Canada-based mining company. The company has a market cap of $1.41 billion. The Firm is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. It currently has negative earnings. The Firm is focused on the discovery, production and marketing of base and precious metals.
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