The stock of AutoCanada Inc. (TSE:ACQ) gapped down by $0.8 today and has $18.23 target or 9.00% below today’s $20.03 share price. The 5 months technical chart setup indicates high risk for the $550.52 million company. The gap down was reported on Nov, 4 by Barchart.com. If the $18.23 price target is reached, the company will be worth $49.55M 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 165,064 shares traded hands or 111.54% up from the average. AutoCanada Inc. (TSE:ACQ) has risen 15.53% since March 31, 2016 and is uptrending. It has outperformed by 14.44% the S&P500.
AutoCanada Inc. (TSE:ACQ) Ratings Coverage
Out of 5 analysts covering Autocanada (TSE:ACQ), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $47 is the highest target while $23 is the lowest. The $35.40 average target is 76.73% above today’s ($20.03) stock price. Autocanada has been the topic of 19 analyst reports since July 24, 2015 according to StockzIntelligence Inc. GMP Securities initiated the shares of ACQ in a report on Tuesday, June 28 with “Buy” rating. Scotia Capital maintained the shares of ACQ in a report on Wednesday, August 5 with “Sector Perform” rating. The firm has “Hold” rating given on Monday, August 10 by Canaccord Genuity. The stock of AutoCanada Inc. (TSE:ACQ) earned “Sector Perform” rating by Scotia Capital on Wednesday, September 21. RBC Capital Markets maintained it with “Outperform” rating and $47 target price in Monday, October 31 report.
AutoCanada Inc. is a Canada multi-location automobile dealership company. The company has a market cap of $550.52 million. The Firm offers a diversified range of automotive services and products, including new vehicles, used vehicles, vehicle leasing, vehicle parts, vehicle maintenance and collision repair services, extended service contracts, vehicle protection products and other after-market products. It has a 20.8 P/E ratio. The Firm also arranges financing and insurance for vehicle purchases by its clients through third-party finance and insurance sources.
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