The stock of Rio Tinto plc (LON:RIO) gapped up by GBX 4.94 today and has GBX 3456.54 target or 22.00% above today’s GBX 2833.23 share price. The 5 months technical chart setup indicates low risk for the GBX 53.01 billion company. The gap was reported on Nov, 8 by Barchart.com. If the GBX 3456.54 price target is reached, the company will be worth GBX 11.66B 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%. The stock increased 0.29% or GBX 8.23 on November 8, hitting GBX 2833.23. About 4.00 million shares traded hands. Rio Tinto plc (LON:RIO) has risen 41.44% since April 11, 2016 and is uptrending. It has outperformed by 39.49% the S&P500.
Rio Tinto plc (LON:RIO) Ratings Coverage
Out of 29 analysts covering Rio Tinto PLC (LON:RIO), 18 rate it a “Buy”, 3 “Sell”, while 8 “Hold”. This means 62% are positive. Rio Tinto PLC has been the topic of 352 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Thursday, October 1 by Macquarie Research. The stock has “Buy” rating given by Deutsche Bank on Wednesday, September 7. Deutsche Bank maintained Rio Tinto plc (LON:RIO) rating on Friday, August 7. Deutsche Bank has “Buy” rating and GBX 3800 price target. The firm has “Outperform” rating given on Wednesday, February 24 by Bernstein. The rating was maintained by Jefferies with “Buy” on Monday, September 14. The stock of Rio Tinto plc (LON:RIO) has “Outperform” rating given on Thursday, September 24 by Macquarie Research. The stock has “Sector Perform” rating given by RBC Capital Markets on Friday, August 7. The firm earned “Buy” rating on Thursday, August 25 by Deutsche Bank. As per Friday, June 24, the company rating was maintained by Deutsche Bank. The stock of Rio Tinto plc (LON:RIO) earned “Buy” rating by Jefferies on Monday, October 31.
Rio Tinto plc is a mining company. The Firm focuses on finding, mining, processing and marketing the Earth’s mineral resources. The company has a market cap of 53.01 billion GBP. The Company’s divisions include aluminum, copper and coal, diamonds and minerals, and iron ore. It has a 1367.39 P/E ratio. The Company’s aluminum business includes bauxite mines, alumina refineries and aluminum smelters.
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