What’s Next for First Majestic Silver Corp. After Today’s Gap Up?

 What's Next for First Majestic Silver Corp. After Today's Gap Up?

The stock of First Majestic Silver Corp. (TSE:FR) gapped up by $0.92 today and has $17.79 target or 43.00% above today’s $12.44 share price. The 7 months technical chart setup indicates low risk for the $1.95 billion company. The gap was reported on Nov, 9 by Barchart.com. If the $17.79 price target is reached, the company will be worth $838.50M 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 1.03 million shares traded hands. First Majestic Silver Corp. (TSE:FR) has risen 27.98% since April 5, 2016 and is uptrending. It has outperformed by 23.20% the S&P500.

First Majestic Silver Corp. (TSE:FR) Ratings Coverage

Out of 5 analysts covering First Majestic Silver Corp. (TSE:FR), 0 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 0 are positive. $23 is the highest target while $4.75 is the lowest. The $9.26 average target is -25.56% below today’s ($12.44) stock price. First Majestic Silver Corp. has been the topic of 16 analyst reports since July 24, 2015 according to StockzIntelligence Inc. On Tuesday, October 25 the stock rating was upgraded by Raymond James to “Market Perform”. The rating was reinitiated by National Bank Canada on Monday, October 5 with “Sector Perform”. The rating was initiated by National Bank Canada with “Sector Perform” on Friday, July 24.

First Majestic Silver Corp. is a mining company. The company has a market cap of $1.95 billion. The Firm is engaged in the business of silver production, development, exploration, and acquisition of mineral properties with a focus on silver production in Mexico. It currently has negative earnings. The Firm operates through eight divisions: six divisions located in Mexico, one retail market segment in Canada and one metal trading segment in Europe.

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