The stock of Great Canadian Gaming Corp (TSE:GC) gapped up by $0.53 today and has $35.61 target or 44.00% above today’s $24.73 share price. The 7 months technical chart setup indicates low risk for the $1.51B company. The gap was reported on Nov, 9 by Barchart.com. If the $35.61 price target is reached, the company will be worth $664.40M 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 226,995 shares traded hands or 244.42% up from the average. Great Canadian Gaming Corp (TSE:GC) has risen 21.18% since April 5, 2016 and is uptrending. It has outperformed by 16.40% the S&P500.
Great Canadian Gaming Corp (TSE:GC) Ratings Coverage
Out of 6 analysts covering Great Canadian Gaming Corporation (TSE:GC), 4 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 67% are positive. $30 is the highest target while $21 is the lowest. The $25.80 average target is 4.33% above today’s ($24.73) stock price. Great Canadian Gaming Corporation has been the topic of 17 analyst reports since August 13, 2015 according to StockzIntelligence Inc. The firm earned “Buy” rating on Wednesday, November 9 by Cormark Securities. The company was maintained on Thursday, August 13 by Scotia Capital.
Another recent and important Great Canadian Gaming Corp (TSE:GC) news was published by Stockhouse.com which published an article titled: “IIROC Trade Resumption – Great Canadian Gaming Corporation” on November 09, 2016.
Great Canadian Gaming Corporation operates gaming, entertainment and hospitality facilities in British Columbia, Ontario, New Brunswick, Nova Scotia and Washington State. The company has a market cap of $1.51 billion. The Firm has approximately 20 gaming properties, consisting of over three community gaming centers, four racetracks and 10 casinos, including over two with a Four Diamond resort hotel. It has a 22.34 P/E ratio. In British Columbia, it operates over four casinos; one thoroughbred racetrack; a standardbred racetrack; three community gaming centers; a resort with over two hotels, a conference center and a marina; over two multi-purpose show theatres, and a range of restaurants.
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