The stock of LUNDIN GOLD INC (TSE:LUG) gapped up by $0.03 today and has $9.29 target or 54.00% above today’s $6.03 share price. The 7 months technical chart setup indicates low risk for the $707.01 million company. The gap was reported on Nov, 9 by Barchart.com. If the $9.29 price target is reached, the company will be worth $381.79 million 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 113,519 shares traded hands or 54.42% up from the average. LUNDIN GOLD INC (TSE:LUG) has risen 29.57% since April 5, 2016 and is uptrending. It has outperformed by 24.78% the S&P500.
LUNDIN GOLD INC (TSE:LUG) Ratings Coverage
Out of 4 analysts covering Lundin Gold (TSE:LUG), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $8 is the highest target while $5 is the lowest. The $6.40 average target is 6.14% above today’s ($6.03) stock price. Lundin Gold has been the topic of 11 analyst reports since August 20, 2015 according to StockzIntelligence Inc. Haywood Securities initiated the stock with “Buy” rating in Tuesday, December 8 report. The firm earned “” rating on Thursday, August 18 by Dundee Securities. RBC Capital Markets maintained LUNDIN GOLD INC (TSE:LUG) on Tuesday, June 7 with “Outperform” rating. On Monday, October 17 the stock rating was maintained by Scotia Capital with “Outperform”. The stock of LUNDIN GOLD INC (TSE:LUG) earned “Speculative Outperform” rating by BMO Capital Markets on Thursday, August 20. The rating was maintained by RBC Capital Markets on Thursday, December 10 with “Outperform”.
More recent LUNDIN GOLD INC (TSE:LUG) news were published by: Business.Financialpost.com which released: “Lundin Gold Inc completes development agreement for Ecuador Fruta del Norte …” on January 14, 2016. Also Marketwired.com published the news titled: “Lundin Gold Inc. Announces $82.5M Bought Deal Financing” on June 27, 2016. Business.Financialpost.com‘s news article titled: “Lundin family’s loan to Lundin Gold fills short-term funding gap” with publication date: June 09, 2016 was also an interesting one.
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