The stock of First Majestic Silver Corp. (TSE:FR) gapped up by $0.82 today and has $15.61 target or 26.00% above today’s $12.39 share price. The 7 months technical chart setup indicates low risk for the $1.94B company. The gap was reported on Nov, 9 by Barchart.com. If the $15.61 price target is reached, the company will be worth $504.40M 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 2.95 million shares traded hands or 123.48% up from the average. First Majestic Silver Corp. (TSE:FR) has risen 27.98% since April 5, 2016 and is uptrending. It has outperformed by 23.20% the S&P500.
First Majestic Silver Corp. (TSE:FR) Ratings Coverage
Out of 5 analysts covering First Majestic Silver Corp. (TSE:FR), 0 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 0 are positive. $23 is the highest target while $4.75 is the lowest. The $9.26 average target is -25.26% below today’s ($12.39) stock price. First Majestic Silver Corp. has been the topic of 16 analyst reports since July 24, 2015 according to StockzIntelligence Inc. The stock of First Majestic Silver Corp. (TSE:FR) has “Sector Perform” rating given on Friday, July 24 by National Bank Canada. The rating was reinitiated by National Bank Canada on Monday, October 5 with “Sector Perform”. As per Tuesday, October 25, the company rating was upgraded by Raymond James.
First Majestic Silver Corp. is a mining company. The company has a market cap of $1.94 billion. The Firm is engaged in the business of silver production, development, exploration, and acquisition of mineral properties with a focus on silver production in Mexico. It currently has negative earnings. The Firm operates through eight divisions: six divisions located in Mexico, one retail market segment in Canada and one metal trading segment in Europe.
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