Traders Are Bullish Argonaut Gold Inc After Today’s Gap Up

 Traders Are Bullish Argonaut Gold Inc After Today's Gap Up

The stock of Argonaut Gold Inc (TSE:AR) gapped up by $0.05 today and has $7.33 target or 151.00% above today’s $2.92 share price. The 5 months technical chart setup indicates low risk for the $434.11 million company. The gap was reported on Nov, 9 by Barchart.com. If the $7.33 price target is reached, the company will be worth $655.51 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 482,906 shares traded hands. Argonaut Gold Inc (TSE:AR) has risen 34.33% since April 5, 2016 and is uptrending. It has outperformed by 29.55% the S&P500.

Argonaut Gold Inc (TSE:AR) Ratings Coverage

Out of 4 analysts covering Argonaut Gold Inc. (TSE:AR), 1 rate it a “Buy”, 2 “Sell”, while 1 “Hold”. This means 25% are positive. $5 is the highest target while $2.50 is the lowest. The $3.31 average target is 13.36% above today’s ($2.92) stock price. Argonaut Gold Inc. has been the topic of 15 analyst reports since July 24, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Argonaut Gold Inc (TSE:AR) rating on Thursday, August 18. Scotia Capital has “Outperform” rating and $5 price target. The company was downgraded on Monday, October 26 by IBC. Scotia Capital maintained the stock with “Outperform” rating in Friday, July 15 report. The stock has “Outperform” rating given by RBC Capital Markets on Monday, August 24. Scotia Capital maintained the shares of AR in a report on Friday, November 4 with “Outperform” rating. As per Friday, July 15, the company rating was downgraded by BMO Capital Markets. The firm has “Sector Perform” rating by IBC given on Wednesday, August 19. The firm earned “Outperform” rating on Friday, July 24 by Scotia Capital. The stock of Argonaut Gold Inc (TSE:AR) has “Outperform” rating given on Friday, July 29 by Scotia Capital.

Another recent and important Argonaut Gold Inc (TSE:AR) news was published by Business.Financialpost.com which published an article titled: “Argonaut Gold Inc upgraded to buy” on August 16, 2016.

Argonaut Gold Inc. is engaged in gold mining, mine development and mineral exploration activities at gold-bearing mineral properties in North America. The company has a market cap of $434.11 million. The Company’s divisions are El Castillo, La Colorada, San Antonio, Magino, and Corporate and other. It currently has negative earnings. It owns the producing El Castillo mine in the State of Durango, Mexico; the producing La Colorada mine in the State of Sonora, Mexico; the advanced exploration-stage San Antonio property in the State of Baja California Sur, Mexico; the advanced exploration-stage Magino property in the Province of Ontario, Canada; the advanced exploration-stage San Agustin property located approximately 10 kilometers from the El Castillo mine in the State of Durango, Mexico, and various other exploration stage projects, all of which are located in North America.

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