The stock of Element Fleet Management Corp (TSE:EFN) gapped down by $0.03 today and has $11.42 target or 6.00% below today’s $12.15 share price. The 8 months technical chart setup indicates high risk for the $4.70 billion company. The gap down was reported on Nov, 9 by Barchart.com. If the $11.42 price target is reached, the company will be worth $282.00M 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 598,653 shares traded hands. Element Fleet Management Corp (TSE:EFN) has declined 10.31% since April 5, 2016 and is downtrending. It has underperformed by 15.09% the S&P500.
Element Fleet Management Corp (TSE:EFN) Ratings Coverage
Out of 5 analysts covering Element Financial Corporation (TSE:EFN), 5 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $27 is the highest target while $17 is the lowest. The $22.11 average target is 81.98% above today’s ($12.15) stock price. Element Financial Corporation has been the topic of 15 analyst reports since August 10, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Element Fleet Management Corp (TSE:EFN) on Monday, August 10 with “Outperform” rating. Scotia Capital maintained Element Fleet Management Corp (TSE:EFN) on Thursday, October 15 with “Sector Outperform” rating. Scotia Capital maintained Element Fleet Management Corp (TSE:EFN) on Thursday, September 22 with “Outperform” rating. BMO Capital Markets maintained the stock with “Outperform” rating in Tuesday, September 1 report. The stock of Element Fleet Management Corp (TSE:EFN) has “Overweight” rating given on Wednesday, September 2 by Barclays Capital. The stock has “Outperform” rating given by RBC Capital Markets on Thursday, February 4.
More notable recent Element Fleet Management Corp (TSE:EFN) news were published by: Marketwatch.com which released: “Element Fleet Management Corp. Opens the Market” on October 03, 2016, also Forbes.com with their article: “Element Fleet Management Getting Very Oversold (EFN)” published on November 08, 2016, Valuewalk.com published: “Corsair Capital Management 3Q16 Letter: Long Element Fleet Management Corp” on November 03, 2016. More interesting news about Element Fleet Management Corp (TSE:EFN) were released by: Marketwatch.com and their article: “Element Fleet Management Corp. 4.25% Conv. Sub. Debs.” published on May 01, 2016 as well as Bloomberg.com‘s news article titled: “GE Sells Vehicle-Fleet Assets to Element for $6.9 Billion” with publication date: June 29, 2015.
Element Fleet Management Corp, formerly Element Financial Corp is a Canada fleet management company. The company has a market cap of $4.70 billion. The Firm is engaged in providing management services and financing for commercial vehicle and equipment fleets. It has a 18.04 P/E ratio. It offers a range of fleet management services that spans the total fleet lifecycle, from acquisition and financing to program management and remarketing.
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