The stock of Fortuna Silver Mines Inc (TSE:FVI) gapped up by $0.13 today and has $14.23 target or 47.00% above today’s $9.68 share price. The 7 months technical chart setup indicates low risk for the $1.31 billion company. The gap was reported on Nov, 1 by Barchart.com. If the $14.23 price target is reached, the company will be worth $615.70 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 421,100 shares traded hands. Fortuna Silver Mines Inc (TSE:FVI) has risen 86.00% since March 28, 2016 and is uptrending. It has outperformed by 82.99% the S&P500.
Fortuna Silver Mines Inc (TSE:FVI) Ratings Coverage
Out of 2 analysts covering Fortuna Silver Mines Inc. (TSE:FVI), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. $13 is the highest target while $3.60 is the lowest. The $10.37 average target is 7.13% above today’s ($9.68) stock price. Fortuna Silver Mines Inc. has been the topic of 9 analyst reports since August 11, 2015 according to StockzIntelligence Inc. Canaccord Genuity upgraded Fortuna Silver Mines Inc (TSE:FVI) on Monday, October 24 to “Buy” rating. As per Thursday, October 8, the company rating was upgraded by IBC.
Fortuna Silver Mines Inc. is a Canada mining firm engaged in silver mining and related activities in Latin America, including exploration, extraction and processing. The company has a market cap of $1.31 billion. The Firm operates the Caylloma silver, lead, and zinc mine in southern Peru and the San Jose silver and gold mine (San Jose) in southern Mexico. It currently has negative earnings. The Company’s divisions include Corporate, Bateas and Cuzcatlan.
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