Mullen Group Ltd’s Trend Up, Especially After Today’s Gap Up

 Mullen Group Ltd's Trend Up, Especially After Today's Gap Up

The stock of Mullen Group Ltd (TSE:MTL) gapped up by $0.1 today and has $22.95 target or 25.00% above today’s $18.36 share price. The 8 months technical chart setup indicates low risk for the $1.89B company. The gap was reported on Nov, 7 by Barchart.com. If the $22.95 price target is reached, the company will be worth $472.50 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 15,887 shares traded hands. Mullen Group Ltd (TSE:MTL) has risen 30.84% since April 1, 2016 and is uptrending. It has outperformed by 28.88% the S&P500.

Mullen Group Ltd (TSE:MTL) Ratings Coverage

Out of 8 analysts covering Mullen Group (TSE:MTL), 3 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 38% are positive. $22.5 is the highest target while $14 is the lowest. The $18.55 average target is 1.03% above today’s ($18.36) stock price. Mullen Group has been the topic of 31 analyst reports since July 23, 2015 according to StockzIntelligence Inc. On Thursday, October 22 the stock rating was maintained by Scotia Capital with “Sector Outperform”. On Thursday, July 23 the stock rating was maintained by Scotia Capital with “Sector Outperform”. The stock of Mullen Group Ltd (TSE:MTL) earned “Sector Perform” rating by RBC Capital Markets on Thursday, November 26. The rating was maintained by BMO Capital Markets with “Market Perform” on Friday, October 21. The firm has “Outperform” rating by Raymond James given on Friday, November 20. The stock of Mullen Group Ltd (TSE:MTL) has “Sector Performer” rating given on Thursday, January 14 by IBC. The firm has “Buy” rating given on Friday, October 21 by GMP Securities. The stock has “Market Perform” rating given by Raymond James on Friday, July 24. RBC Capital Markets maintained the shares of MTL in a report on Thursday, October 22 with “Sector Perform” rating. Raymond James downgraded the shares of MTL in a report on Friday, October 7 to “Market Perform” rating.

More important recent Mullen Group Ltd (TSE:MTL) news were published by: Marketwired.com which released: “Mullen Group Ltd. Reports Third Quarter Financial Results and Operating Update” on October 19, 2016, also Marketwired.com published article titled: “Mullen Group Ltd. Closes $149.0 Million Bought Deal Offering and Concurrent …”, Marketwired.com published: “Mullen Group Ltd. Reports First Quarter Financial Results and Business Update” on April 20, 2016. More interesting news about Mullen Group Ltd (TSE:MTL) was released by: Marketwired.com and their article: “Mullen Group Ltd. Announces $100 Million Bought Deal Offering and Concurrent …” with publication date: April 26, 2016.

Mullen Group Ltd. is a supplier of trucking and logistics services in Canada. The company has a market cap of $1.89 billion. The Firm provides a range of specialized transportation and related services to the oil and natural gas industry in western Canada. It has a 32.43 P/E ratio. The Firm operates in two divisions: Trucking/Logistics and Oilfield Services.

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