The stock of HudBay Minerals Inc. (TSE:HBM) gapped up by $0.09 today and has $11.32 target or 55.00% above today’s $7.30 share price. The 5 months technical chart setup indicates low risk for the $1.87 billion company. The gap was reported on Nov, 9 by Barchart.com. If the $11.32 price target is reached, the company will be worth $1.03 billion 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 1.52 million shares traded hands. HudBay Minerals Inc. (TSE:HBM) has risen 63.22% since April 5, 2016 and is uptrending. It has outperformed by 58.44% the S&P500.
HudBay Minerals Inc. (TSE:HBM) Ratings Coverage
Out of 8 analysts covering Hudbay Minerals Inc (TSE:HBM), 7 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 88% are positive. $12 is the highest target while $4.25 is the lowest. The $8.20 average target is 12.33% above today’s ($7.3) stock price. Hudbay Minerals Inc has been the topic of 36 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating by Scotia Capital given on Thursday, November 3. The stock of HudBay Minerals Inc. (TSE:HBM) earned “Outperform” rating by RBC Capital Markets on Thursday, November 3. The stock has “Outperform” rating given by Scotia Capital on Friday, July 29. The company was maintained on Monday, December 14 by RBC Capital Markets. TD Securities upgraded the shares of HBM in a report on Thursday, November 3 to “Buy” rating. On Friday, April 29 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. The stock of HudBay Minerals Inc. (TSE:HBM) has “Sector Perform” rating given on Thursday, January 14 by RBC Capital Markets. On Monday, May 16 the stock rating was upgraded by RBC Capital Markets to “Outperform”. RBC Capital Markets maintained the stock with “Outperform” rating in Tuesday, October 25 report.
More news for HudBay Minerals Inc. (TSE:HBM) were recently published by: Business.Financialpost.com, which released: “HudBay Minerals Inc upgraded at RBC” on May 16, 2016. Moodys.com‘s article titled: “Moody’s confirms HudBay’s rating at B3, outlook negative” and published on March 01, 2016 is yet another important article.
HudBay Minerals Inc. is a Canada-based mining company. The company has a market cap of $1.87 billion. The Firm is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. It currently has negative earnings. The Firm is focused on the discovery, production and marketing of base and precious metals.
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