The stock of Northland Power Inc. (TSE:NPI) gapped down by $0.07 today and has $21.89 target or 5.00% below today’s $23.04 share price. The 7 months technical chart setup indicates high risk for the $3.93 billion company. The gap down was reported on Nov, 9 by Barchart.com. If the $21.89 price target is reached, the company will be worth $196.50M 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 129,526 shares traded hands. Northland Power Inc. (TSE:NPI) has risen 6.50% since April 5, 2016 and is uptrending. It has outperformed by 1.72% the S&P500.
Northland Power Inc. (TSE:NPI) Ratings Coverage
Out of 5 analysts covering Northland Power (TSE:NPI), 3 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 60% are positive. $27 is the highest target while $21 is the lowest. The $25.20 average target is 9.38% above today’s ($23.04) stock price. Northland Power has been the topic of 7 analyst reports since November 11, 2015 according to StockzIntelligence Inc. The stock of Northland Power Inc. (TSE:NPI) earned “Market Perform” rating by BMO Capital Markets on Wednesday, December 30. The rating was initiated by Canaccord Genuity with “Hold” on Wednesday, July 20.
More important recent Northland Power Inc. (TSE:NPI) news were published by: Bloomberg.com which released: “Northland Power Hires CIBC, JPMorgan to Launch Strategic Review” on July 12, 2016, also Seekingalpha.com published article titled: “Northland Power On Target For Future Gains”, Seekingalpha.com published: “Northland Power – Renewable Energy For Europe” on January 31, 2016. More interesting news about Northland Power Inc. (TSE:NPI) was released by: Pehub.com and their article: “Northland Power could be taken private in strategic review: Reuters” with publication date: September 28, 2016.
Northland Power Inc. is an independent power producer. The company has a market cap of $3.93 billion. The Firm develops, finances, builds, owns and operates facilities in Canada and internationally that produce clean and green energy using natural gas, biomass, wind and solar technology. It currently has negative earnings. Northland divisions include thermal; renewable; managed, which includes management and activities services for Kirkland Lake, Cochrane and Canadian Environmental Energy Corporation (CEEC); offshore wind, including Gemini and Nordsee, and other, which includes investment income and administration of Northland.
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