What’s Argonaut Gold Inc Upside After Today’s Gap Up?

 What's Argonaut Gold Inc Upside After Today's Gap Up?

The stock of Argonaut Gold Inc (TSE:AR) gapped up by $0.03 today and has $3.85 target or 27.00% above today’s $3.03 share price. The 9 months technical chart setup indicates low risk for the $511.29M company. The gap was reported on Nov, 2 by Barchart.com. If the $3.85 price target is reached, the company will be worth $138.05 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 609,392 shares traded hands. Argonaut Gold Inc (TSE:AR) has risen 50.52% since March 29, 2016 and is uptrending. It has outperformed by 48.00% the S&P500.

Argonaut Gold Inc (TSE:AR) Ratings Coverage

Out of 4 analysts covering Argonaut Gold Inc. (TSE:AR), 1 rate it a “Buy”, 2 “Sell”, while 1 “Hold”. This means 25% are positive. Argonaut Gold Inc. has been the topic of 14 analyst reports since July 24, 2015 according to StockzIntelligence Inc. BMO Capital Markets downgraded Argonaut Gold Inc (TSE:AR) on Friday, July 15 to “Market Perform” rating. The rating was maintained by IBC on Wednesday, August 19 with “Sector Perform”. The company was maintained on Monday, August 24 by RBC Capital Markets. The stock of Argonaut Gold Inc (TSE:AR) has “Outperform” rating given on Friday, July 29 by Scotia Capital. As per Friday, July 15, the company rating was maintained by Scotia Capital. On Monday, October 26 the stock rating was downgraded by IBC to “Sector Underperformer”. The firm earned “Outperform” rating on Friday, July 24 by Scotia Capital. The rating was maintained by Scotia Capital with “Outperform” on Thursday, August 18.

Another recent and important Argonaut Gold Inc (TSE:AR) news was published by Business.Financialpost.com which published an article titled: “Argonaut Gold Inc upgraded to buy” on August 16, 2016.

Argonaut Gold Inc. is engaged in gold mining, mine development and mineral exploration activities at gold-bearing mineral properties in North America. The company has a market cap of $511.29 million. The Company’s divisions are El Castillo, La Colorada, San Antonio, Magino, and Corporate and other. It currently has negative earnings. It owns the producing El Castillo mine in the State of Durango, Mexico; the producing La Colorada mine in the State of Sonora, Mexico; the advanced exploration-stage San Antonio property in the State of Baja California Sur, Mexico; the advanced exploration-stage Magino property in the Province of Ontario, Canada; the advanced exploration-stage San Agustin property located approximately 10 kilometers from the El Castillo mine in the State of Durango, Mexico, and various other exploration stage projects, all of which are located in North America.

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