Richmont Mines Inc. Gaps Down Today, Is Now One of The Worst Performers

 Richmont Mines Inc. Gaps Down Today, Is Now One of The Worst Performers

The stock of Richmont Mines Inc. (TSE:RIC) gapped down by $0.11 today and has $10.63 target or 9.00% below today’s $11.68 share price. The 9 months technical chart setup indicates high risk for the $678.54M company. The gap down was reported on Nov, 7 by Barchart.com. If the $10.63 price target is reached, the company will be worth $61.07M 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 118,340 shares traded hands. Richmont Mines Inc. (TSE:RIC) has risen 64.00% since April 1, 2016 and is uptrending. It has outperformed by 62.04% the S&P500.

Richmont Mines Inc. (TSE:RIC) Ratings Coverage

Out of 9 analysts covering Richmont Mines Inc. (TSE:RIC), 7 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 78% are positive. $16.50 is the highest target while $5.50 is the lowest. The $10.86 average target is -7.02% below today’s ($11.68) stock price. Richmont Mines Inc. has been the topic of 20 analyst reports since September 15, 2015 according to StockzIntelligence Inc. Scotia Capital maintained the shares of RIC in a report on Wednesday, November 2 with “Sector Perform” rating. National Bank Canada maintained it with “Outperform” rating and $5.50 target price in Thursday, January 14 report. Paradigm Research initiated it with “Buy” rating and $5.70 target price in Tuesday, September 15 report. Scotia Capital maintained it with “Sector Perform” rating and $15 target price in Friday, October 14 report. The company was initiated on Tuesday, January 19 by Mackie. The rating was maintained by Scotia Capital on Friday, July 8 with “Sector Perform”. BMO Capital Markets maintained Richmont Mines Inc. (TSE:RIC) rating on Friday, October 14. BMO Capital Markets has “Underperform” rating and $13 price target. The firm earned “Outperform” rating on Friday, November 6 by National Bank Canada. On Wednesday, September 21 the stock rating was maintained by TD Securities with “Buy”.

Another recent and important Richmont Mines Inc. (TSE:RIC) news was published by Marketwatch.com which published an article titled: “Richmont Mines Inc. NYSE MKT: RIC” on December 22, 2009.

Richmont Mines Inc. is a mining company. The company has a market cap of $678.54 million. The Firm is engaged in activities related to the acquisition, exploration, development and operation of mineral properties. It has a 69.42 P/E ratio. The Company’s divisions include Quebec and Ontario.

RIC.TO Company Profile

Richmont Mines Inc. (Richmont), incorporated on February 12, 1981, is a mining company. The Firm is engaged in activities related to the acquisition, exploration, development and operation of mineral properties. The Company’s divisions include Quebec and Ontario. The Firm has two divisions: Ontario Division and Quebec Division. Richmont operates two gold mines: the Island Gold Mine in Ontario and the Beaufor Mine in Quebec. The Firm produces gold from these mines. The Firm is also advancing development of the mineralized extension at depth of the Island Gold Mine in Ontario.

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