The stock of Wajax Corp (TSE:WJX) gapped up by $0.89 today and has $46.43 target or 172.00% above today’s $17.07 share price. The 7 months technical chart setup indicates low risk for the $333.61M company. The gap was reported on Nov, 1 by Barchart.com. If the $46.43 price target is reached, the company will be worth $573.81M 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 120,906 shares traded hands or 352.88% up from the average. Wajax Corp (TSE:WJX) has declined 10.61% since March 28, 2016 and is downtrending. It has underperformed by 13.62% the S&P500.
Wajax Corp (TSE:WJX) Ratings Coverage
Out of 3 analysts covering Wajax Corp (TSE:WJX), 1 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. $29 is the highest target while $18 is the lowest. The $22.50 average target is 31.81% above today’s ($17.07) stock price. Wajax Corp has been the topic of 8 analyst reports since August 10, 2015 according to StockzIntelligence Inc. The rating was maintained by Scotia Capital with “Sector Perform” on Friday, October 28. The rating was maintained by Desjardins Securities with “Buy” on Monday, August 10. The stock of Wajax Corp (TSE:WJX) has “Market Perform” rating given on Monday, August 10 by Raymond James.
More important recent Wajax Corp (TSE:WJX) news were published by: Reuters.com which released: “BRIEF-Wajax Corp Q3 earnings per share C$0.38” on November 01, 2016, also Theglobeandmail.com published article titled: “Wajax investors should dig in for the long haul”, Seekingalpha.com published: “Is Wajax’s ‘Strategic Reorganization’ Really Necessary To Save The Dividend?” on April 25, 2016. More interesting news about Wajax Corp (TSE:WJX) was released by: Theglobeandmail.com and their article: “This dividend-paying industrial stock is cheap, but not necessarily a buy” with publication date: August 17, 2015.
Wajax Corporation is a Canada-based distributor engaged in the sale and service support of mobile equipment, power systems and industrial components. The company has a market cap of $333.61 million. The Company’s Equipment business is engaged in distribution, rental, modification and servicing of mobile equipment from manufacturers. It currently has negative earnings. The Company’s Power Systems business is engaged in distribution, sales, service of heavy-duty engines, transmissions, and power generation product sales, service, and rentals across Canada.
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