The stock of First Majestic Silver Corp. (TSE:FR) gapped up by $0.04 today and has $19.55 target or 57.00% above today’s $12.45 share price. The 6 months technical chart setup indicates low risk for the $2.09 billion company. The gap was reported on Nov, 2 by Barchart.com. If the $19.55 price target is reached, the company will be worth $1.19 billion 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 1.71 million shares traded hands or 43.70% up from the average. First Majestic Silver Corp. (TSE:FR) has risen 28.92% since March 29, 2016 and is uptrending. It has outperformed by 26.40% the S&P500.
First Majestic Silver Corp. (TSE:FR) Ratings Coverage
Out of 5 analysts covering First Majestic Silver Corp. (TSE:FR), 0 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 0 are positive. First Majestic Silver Corp. has been the topic of 16 analyst reports since July 24, 2015 according to StockzIntelligence Inc. Raymond James upgraded the shares of FR in a report on Tuesday, October 25 to “Market Perform” rating. National Bank Canada reinitiated First Majestic Silver Corp. (TSE:FR) on Monday, October 5 with “Sector Perform” rating. National Bank Canada initiated First Majestic Silver Corp. (TSE:FR) rating on Friday, July 24. National Bank Canada has “Sector Perform” rating and $6.50 price target.
First Majestic Silver Corp. is a mining company. The company has a market cap of $2.09 billion. The Firm is engaged in the business of silver production, development, exploration, and acquisition of mineral properties with a focus on silver production in Mexico. It currently has negative earnings. The Firm operates through eight divisions: six divisions located in Mexico, one retail market segment in Canada and one metal trading segment in Europe.
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