The stock of Lucara Diamond Corp (TSE:LUC) gapped down by $0.12 today and has $3.29 target or 6.00% below today’s $3.50 share price. The 6 months technical chart setup indicates high risk for the $1.34 billion company. The gap down was reported on Nov, 9 by Barchart.com. If the $3.29 price target is reached, the company will be worth $80.40 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 498,281 shares traded hands or 2.08% up from the average. Lucara Diamond Corp (TSE:LUC) has risen 35.87% since April 5, 2016 and is uptrending. It has outperformed by 31.09% the S&P500.
Lucara Diamond Corp (TSE:LUC) Ratings Coverage
Out of 3 analysts covering Lucara Diamond (TSE:LUC), 1 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. $3.25 is the highest target while $2.40 is the lowest. The $2.99 average target is -14.57% below today’s ($3.5) stock price. Lucara Diamond has been the topic of 9 analyst reports since August 13, 2015 according to StockzIntelligence Inc. BMO Capital Markets downgraded the stock to “Market Perform” rating in Thursday, February 25 report.
More recent Lucara Diamond Corp (TSE:LUC) news were published by: Theglobeandmail.com which released: “The Globe and Mail” on August 30, 2011. Also Business.Financialpost.com published the news titled: “Lucara Diamond Corp rejects $40 million offer for second biggest diamond ever …” on November 26, 2015. Business.Financialpost.com‘s news article titled: “Podcast: Lucara Diamond Corp (TSE:LUC) CEO William Lamb on what it’s like to …” with publication date: April 13, 2016 was also an interesting one.
Lucara Diamond Corp. is a diamond mining firm focused on Africa. The company has a market cap of $1.34 billion. The Company’s business consists of the acquisition, exploration, development and operation of diamond properties. It has a 7.96 P/E ratio. The Company’s primary divisions are based on individual diamond properties, being the Karowe Mine and Corporate.
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