The stock of Home Capital Group Inc (TSE:HCG) gapped down by $0.29 today and has $22.84 target or 8.00% below today’s $24.83 share price. The 7 months technical chart setup indicates high risk for the $1.58 billion company. The gap down was reported on Nov, 3 by Barchart.com. If the $22.84 price target is reached, the company will be worth $126.40 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 312,795 shares traded hands or 33.48% up from the average. Home Capital Group Inc (TSE:HCG) has declined 25.42% since March 30, 2016 and is downtrending. It has underperformed by 26.63% the S&P500.
Home Capital Group Inc (TSE:HCG) Ratings Coverage
Out of 4 analysts covering Home Capital Group Inc. (TSE:HCG), 2 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 50% are positive. $42 is the highest target while $27 is the lowest. The $33.67 average target is 35.60% above today’s ($24.83) stock price. Home Capital Group Inc. has been the topic of 18 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The stock of Home Capital Group Inc (TSE:HCG) earned “Buy” rating by TD Securities on Friday, January 22. The firm earned “Underperform” rating on Thursday, November 5 by RBC Capital Markets. On Friday, October 28 the stock rating was maintained by Raymond James with “Outperform”. The stock of Home Capital Group Inc (TSE:HCG) has “Underperform” rating given on Tuesday, December 8 by RBC Capital Markets. As per Friday, July 31, the company rating was maintained by Scotia Capital.
More recent Home Capital Group Inc (TSE:HCG) news were published by: Seekingalpha.com which released: “Home Capital Group: Time To ‘Re-Charge’ Your Loan Loss Provisions” on August 23, 2016. Also Reuters.com published the news titled: “BRIEF-Home Capital Group increases dividend” on November 02, 2016. Seekingalpha.com‘s news article titled: “A Family Affair At Home Capital Group: Did Re-Charge Just Open Pandora’s Box?” with publication date: September 29, 2016 was also an interesting one.
Home Capital Group Inc. is a Canada holding company, which operates primarily through its subsidiary, Home Trust Company . The company has a market cap of $1.58 billion. The Company, through its subsidiary, offers residential and non-residential mortgage lending, securitization of insured residential first mortgage products, consumer lending and credit card products. It has a 6.3 P/E ratio. Home Trust also offers deposits through brokers and financial planners, and through its direct to consumer deposit brand, Oaken Financial.
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