What Will Happen to Genworth MI Canada Inc Next? The Stock Just Gapped Up

 What Will Happen to Genworth MI Canada Inc Next? The Stock Just Gapped Up

The stock of Genworth MI Canada Inc (TSE:MIC) gapped up by $0.55 today and has $49.23 target or 67.00% above today’s $29.48 share price. The 6 months technical chart setup indicates low risk for the $2.69B company. The gap was reported on Nov, 7 by Barchart.com. If the $49.23 price target is reached, the company will be worth $1.80 billion 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 95,916 shares traded hands. Genworth MI Canada Inc (TSE:MIC) has declined 7.95% since April 1, 2016 and is downtrending. It has underperformed by 9.90% the S&P500.

Genworth MI Canada Inc (TSE:MIC) Ratings Coverage

Out of 5 analysts covering Genworth MI Canada (TSE:MIC), 0 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 0 are positive. $39 is the highest target while $31.50 is the lowest. The $33.70 average target is 14.31% above today’s ($29.48) stock price. Genworth MI Canada has been the topic of 15 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The stock has “Sector Perform” rating given by Scotia Capital on Monday, November 2. RBC Capital Markets downgraded the shares of MIC in a report on Wednesday, July 20 to “Sector Perform” rating. The rating was maintained by RBC Capital Markets on Tuesday, December 8 with “Outperform”. The stock of Genworth MI Canada Inc (TSE:MIC) has “Sector Perform” rating given on Friday, November 4 by Scotia Capital. IBC downgraded the shares of MIC in a report on Monday, November 2 to “Sector Underperformer” rating. The stock has “Sector Perform” rating given by IBC on Monday, May 2. RBC Capital Markets maintained Genworth MI Canada Inc (TSE:MIC) on Friday, February 5 with “Outperform” rating. As per Friday, April 29, the company rating was maintained by RBC Capital Markets. Scotia Capital maintained it with “Sector Perform” rating and $36 target price in Wednesday, August 5 report.

More news for Genworth MI Canada Inc (TSE:MIC) were recently published by: Seekingalpha.com, which released: “Genworth MI Canada’s (GMICF) CEO Stuart Levings on Q3 2016 Results – Earnings …” on November 05, 2016. Fool.ca‘s article titled: “Why Is Genworth MI Canada Inc. Down 9.2%?” and published on October 04, 2016 is yet another important article.

Genworth MI Canada Inc. is a Canada company, which through its subsidiary, Genworth Financial Mortgage Insurance Company Canada, is the private residential mortgage insurer in Canada. The company has a market cap of $2.69 billion. The Firm provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. It has a 7.5 P/E ratio. The Firm offers both transactional and portfolio mortgage insurance.

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