The stock of Boralex Inc. (TSE:BLX) gapped down by $0.17 today and has $17.43 target or 5.00% below today’s $18.35 share price. The 6 months technical chart setup indicates high risk for the $1.18B company. The gap down was reported on Nov, 9 by Barchart.com. If the $17.43 price target is reached, the company will be worth $59.00M 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 20,961 shares traded hands. Boralex Inc. (TSE:BLX) has risen 17.66% since April 5, 2016 and is uptrending. It has outperformed by 12.88% the S&P500.
Boralex Inc. (TSE:BLX) Ratings Coverage
Out of 5 analysts covering Boralex Inc. (TSE:BLX), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $23.25 is the highest target while $18 is the lowest. The $20.65 average target is 12.53% above today’s ($18.35) stock price. Boralex Inc. has been the topic of 8 analyst reports since August 6, 2015 according to StockzIntelligence Inc.
More news for Boralex Inc. (TSE:BLX) were recently published by: Prnewswire.com, which released: “Boralex announces its results for the third quarter” on November 09, 2016. Prnewswire.com‘s article titled: “Boralex to Acquire 25% of the 230MW Niagara Region Wind Farm” and published on November 02, 2016 is yet another important article.
Boralex Inc. is a power producer that develops, constructs and operates renewable energy power stations. The company has a market cap of $1.18 billion. The Company’s divisions include wind, hydroelectric, thermal and solar. It currently has negative earnings. It operates an asset base with a capacity of approximately 1,260 megawatts , of which over 1,090 MW are under its control, consisting of approximately 490 MW in Canada, over 520 MW in France and over 80 MW in the Northeastern United States.
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