The stock of Fortuna Silver Mines Inc (TSE:FVI) gapped up by $0.07 today and has $16.16 target or 58.00% above today’s $10.23 share price. The 6 months technical chart setup indicates low risk for the $1.42 billion company. The gap was reported on Nov, 2 by Barchart.com. If the $16.16 price target is reached, the company will be worth $823.60M 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 573,793 shares traded hands. Fortuna Silver Mines Inc (TSE:FVI) has risen 86.78% since March 29, 2016 and is uptrending. It has outperformed by 84.26% 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. Fortuna Silver Mines Inc. has been the topic of 9 analyst reports since August 11, 2015 according to StockzIntelligence Inc. As per Thursday, October 8, the company rating was upgraded by IBC. The rating was upgraded by Canaccord Genuity on Monday, October 24 to “Buy”.
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 $1.42 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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