The stock of IAMGOLD Corp (TSE:IMG) gapped down by $0.05 today and has $5.04 target or 5.00% below today’s $5.30 share price. The 6 months technical chart setup indicates high risk for the $2.28B company. The gap down was reported on Nov, 7 by Barchart.com. If the $5.04 price target is reached, the company will be worth $114.00M 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 1.67 million shares traded hands. IAMGOLD Corp (TSE:IMG) has risen 91.16% since April 1, 2016 and is uptrending. It has outperformed by 89.20% the S&P500.
IAMGOLD Corp (TSE:IMG) Ratings Coverage
Out of 4 analysts covering Iamgold Corp (TSE:IMG), 0 rate it a “Buy”, 2 “Sell”, while 2 “Hold”. This means 0 are positive. Iamgold Corp has been the topic of 7 analyst reports since August 6, 2015 according to StockzIntelligence Inc. As per Thursday, August 6, the company rating was upgraded by Canaccord Genuity. The company was maintained on Friday, January 29 by RBC Capital Markets. Mackie downgraded the stock to “Sell” rating in Friday, February 19 report.
More news for IAMGOLD Corp (TSE:IMG) were recently published by: Business.Financialpost.com, which released: “Iamgold Corp may lose some ‘torque status’ due to operational improvements” on October 19, 2016. Fool.ca‘s article titled: “How Baytex Energy Corp. and IAMGOLD Corp. Will React to the TSX Slump” and published on October 30, 2016 is yet another important article.
IAMGOLD Corporation is engaged in the exploration, development and production of mineral resource properties across the world. The company has a market cap of $2.28 billion. Through its holdings, IAMGOLD has interests in various activities and exploration properties, as well as various royalty interests on mineral resource properties. It currently has negative earnings. All gold produced by IAMGOLD is in the form of dore bars, which is sold to gold refineries in North America and Europe.
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