The stock of AutoCanada Inc. (TSE:ACQ) gapped down by $0.8 today and has $18.20 target or 9.00% below today’s $20.00 share price. The 7 months technical chart setup indicates high risk for the $549.69M company. The gap down was reported on Nov, 4 by Barchart.com. If the $18.20 price target is reached, the company will be worth $49.47 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 143,845 shares traded hands or 84.35% 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. Autocanada has been the topic of 19 analyst reports since July 24, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained AutoCanada Inc. (TSE:ACQ) on Monday, October 31 with “Outperform” rating. The stock has “Buy” rating given by GMP Securities on Tuesday, June 28. Canaccord Genuity maintained AutoCanada Inc. (TSE:ACQ) rating on Monday, August 10. Canaccord Genuity has “Hold” rating and $33 price target. On Wednesday, August 5 the stock rating was maintained by Scotia Capital with “Sector Perform”. The firm earned “Sector Perform” rating on Wednesday, September 21 by Scotia Capital.
AutoCanada Inc. is a Canada multi-location automobile dealership company. The company has a market cap of $549.69 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 20.77 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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