Element Fleet Management Corp Draws Bearish Focus After Its Gap Down Today

 Element Fleet Management Corp Draws Bearish Focus After Its Gap Down Today

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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