The stock of IAMGOLD Corp (TSE:IMG) gapped up by $0.22 today and has $8.64 target or 48.00% above today’s $5.84 share price. The 9 months technical chart setup indicates low risk for the $2.48B company. The gap was reported on Nov, 8 by Barchart.com. If the $8.64 price target is reached, the company will be worth $1.19 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 4.01M shares traded hands or 11.39% up from the average. 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. $7 is the highest target while $2 is the lowest. The $4.89 average target is -16.27% below today’s ($5.84) stock price. Iamgold Corp has been the topic of 7 analyst reports since August 6, 2015 according to StockzIntelligence Inc. Mackie downgraded the stock to “Sell” rating in Friday, February 19 report. The stock has “Hold” rating given by Canaccord Genuity on Thursday, August 6. The stock has “Underperform” rating given by RBC Capital Markets on Friday, January 29.
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 $2.48 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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