The stock of Guyana Goldfields Inc. (TSE:GUY) gapped up by $0.02 today and has $10.39 target or 31.00% above today’s $7.93 share price. The 5 months technical chart setup indicates low risk for the $1.34 billion company. The gap was reported on Nov, 9 by Barchart.com. If the $10.39 price target is reached, the company will be worth $415.40M 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 321,749 shares traded hands. Guyana Goldfields Inc. (TSE:GUY) has risen 46.65% since April 5, 2016 and is uptrending. It has outperformed by 41.87% the S&P500.
Guyana Goldfields Inc. (TSE:GUY) Ratings Coverage
Out of 4 analysts covering Guyana Goldfields Inc. (TSE:GUY), 3 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 75% are positive. $12 is the highest target while $4 is the lowest. The $9.30 average target is 17.28% above today’s ($7.93) stock price. Guyana Goldfields Inc. has been the topic of 15 analyst reports since September 1, 2015 according to StockzIntelligence Inc. The company was maintained on Tuesday, January 19 by RBC Capital Markets. The stock of Guyana Goldfields Inc. (TSE:GUY) has “Outperform” rating given on Tuesday, January 19 by BMO Capital Markets. The company was upgraded on Wednesday, November 25 by TD Securities.
Another recent and important Guyana Goldfields Inc. (TSE:GUY) news was published by Marketwired.com which published an article titled: “Guyana Goldfields Inc. Announces C$110 Million Bought Deal Financing” on June 27, 2016.
Guyana Goldfields Inc. is a Canada mineral development and exploration firm primarily focused on the acquisition, exploration and development of gold deposits in Guyana, South America. The company has a market cap of $1.34 billion. The Company’s Aurora Gold Mine is an operating gold mine project, which is located in Guyana. It has a 25.74 P/E ratio. The Firm owns approximately 100% interest in the Aurora Project, which has total proven and probable reserves of approximately 3.04 million ounces of gold.
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