The stock of Premier Gold Mines Ltd. (TSE:PG) gapped down by $0.03 today and has $2.66 target or 7.00% below today’s $2.86 share price. The 7 months technical chart setup indicates high risk for the $570.04 million company. The gap down was reported on Nov, 7 by Barchart.com. If the $2.66 price target is reached, the company will be worth $39.90M 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 497,553 shares traded hands. Premier Gold Mines Ltd. (TSE:PG) has declined 3.54% since April 1, 2016 and is downtrending. It has underperformed by 5.49% the S&P500.
Premier Gold Mines Ltd. (TSE:PG) Ratings Coverage
Out of 5 analysts covering Premier Gold Mines Ltd. (TSE:PG), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. Premier Gold Mines Ltd. has been the topic of 13 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Friday, June 24 by Scotia Capital. The firm has “Outperform” rating by Scotia Capital given on Tuesday, August 30. The rating was maintained by Scotia Capital with “Outperform” on Thursday, October 27. The company was maintained on Wednesday, November 25 by RBC Capital Markets. Premier Gold Mines Limited maintained the stock with “Outperform” rating in Wednesday, October 19 report. Scotia Capital maintained Premier Gold Mines Ltd. (TSE:PG) rating on Thursday, June 9. Scotia Capital has “Outperform” rating and $4.25 price target. The rating was maintained by TD Securities on Friday, October 28 with “Hold”. The firm earned “Hold” rating on Monday, October 17 by TD Securities. The company was maintained on Tuesday, September 20 by Scotia Capital.
Another recent and important Premier Gold Mines Ltd. (TSE:PG) news was published by Marketwatch.com which published an article titled: “Orion Mine Finance Announces Equity Investment in Premier Gold Mines Limited” on October 03, 2016.
Premier Gold Mines Limited is a Canada mineral exploration firm focused on exploring for and developing gold deposits within North America. The company has a market cap of $570.04 million. The principal projects in which Premier holds an interest are the Trans-Canada Property, which includes the Hardrock project and the Brookbank project; McCoy-Cove Project, Lander County, Nevada, and South Arturo Mine, Elko County, Nevada. It currently has negative earnings. The Trans-Canada Property is located in northern Ontario, Canada, approximately 200 kilometers northeast of Thunder Bay, and consists of three contiguous blocks comprising over 360 patented mining claims and 676 unpatented mining claims covering an aggregate area of over 28,550.64 hectares.
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