The stock of Wesdome Gold Mines Ltd (TSE:WDO) gapped up by $0.02 today and has $3.70 target or 33.00% above today’s $2.78 share price. The 8 months technical chart setup indicates low risk for the $361.65 million company. The gap was reported on Nov, 1 by Barchart.com. If the $3.70 price target is reached, the company will be worth $119.34M 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 212,409 shares traded hands. Wesdome Gold Mines Ltd (TSE:WDO) has risen 62.11% since March 28, 2016 and is uptrending. It has outperformed by 59.10% the S&P500.
Wesdome Gold Mines Ltd (TSE:WDO) Ratings Coverage
Out of 4 analysts covering Wesdome Gold Mines Ltd (TSE:WDO), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Wesdome Gold Mines Ltd has been the topic of 8 analyst reports since August 11, 2015 according to StockzIntelligence Inc. On Monday, May 2 the stock rating was maintained by National Bank Canada with “Outperform”. The stock has “Buy” rating given by Salman Partners on Monday, November 30. On Thursday, February 4 the stock rating was reinitiated by Dundee Securities with “Buy”. The stock of Wesdome Gold Mines Ltd (TSE:WDO) has “Speculative Buy” rating given on Wednesday, January 13 by Clarus Securities. The stock of Wesdome Gold Mines Ltd (TSE:WDO) earned “Buy” rating by M Partners on Tuesday, August 11.
Another recent and important Wesdome Gold Mines Ltd (TSE:WDO) news was published by Business.Financialpost.com which published an article titled: “Wesdome Gold Mines stock soars on new gold discovery at shuttered Quebec mine” on August 25, 2016.
Wesdome Gold Mines Ltd. is engaged in gold mining operations. The company has a market cap of $361.65 million. The Firm is producing gold at the Eagle River Complex and open pit Mishi gold mines. It currently has negative earnings. The Company’s Eagle River Complex is located in Central Ontario, which includes the Eagle River Mine, the Mishi Mine and shared infrastructure, including the mineral processing plant.
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