CI Financial Corp on Focus After Gap Down In Today’s Session

 CI Financial Corp on Focus After Gap Down In Today's Session

The stock of CI Financial Corp (TSE:CIX) gapped down by $0.04 today and has $23.53 target or 6.00% below today’s $25.03 share price. The 9 months technical chart setup indicates high risk for the $6.72B company. The gap down was reported on Nov, 9 by Barchart.com. If the $23.53 price target is reached, the company will be worth $403.20 million 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 91,027 shares traded hands. CI Financial Corp (TSE:CIX) has declined 11.13% since April 5, 2016 and is downtrending. It has underperformed by 15.91% the S&P500.

CI Financial Corp (TSE:CIX) Ratings Coverage

Out of 7 analysts covering CI Financial (TSE:CIX), 3 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 43% are positive. $38 is the highest target while $25 is the lowest. The $28.94 average target is 15.62% above today’s ($25.03) stock price. CI Financial has been the topic of 28 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The stock has “Sector Perform” rating given by Scotia Capital on Thursday, November 3. The rating was maintained by TD Securities on Friday, November 4 with “Hold”. The rating was upgraded by Canaccord Genuity on Friday, November 4 to “Buy”.

Another recent and important CI Financial Corp (TSE:CIX) news was published by Seekingalpha.com which published an article titled: “CI Financial Corp – Nobody Is Noticing The Turnaround Yet” on September 26, 2016.

CI Financial Corp. is a wealth management and investment fund company. The company has a market cap of $6.72 billion. The Firm is engaged in management, marketing, distribution and administration of mutual funds, segregated funds, exchange-traded funds, structured products and other fee-earning investment products for Canadian investors. It has a 13.45 P/E ratio. CI operates through two divisions: Asset Management and Asset Administration.

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