The stock of Acacia Mining PLC (LON:ACA) gapped up by GBX 16 today and has GBX 734.23 target or 46.00% above today’s GBX 502.90 share price. The 6 months technical chart setup indicates low risk for the GBX 2.07B company. The gap was reported on Nov, 10 by Barchart.com. If the GBX 734.23 price target is reached, the company will be worth GBX 952.20 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%. The stock decreased 7.30% or GBX 39.6 on November 10, hitting GBX 502.9. About 1.34 million shares traded hands or 75.80% up from the average. Acacia Mining PLC (LON:ACA) has risen 65.12% since April 14, 2016 and is uptrending. It has outperformed by 59.48% the S&P500.
Acacia Mining PLC (LON:ACA) Ratings Coverage
Out of 21 analysts covering Acacia Mining Plc (LON:ACA), 11 rate it a “Buy”, 5 “Sell”, while 5 “Hold”. This means 52% are positive. Acacia Mining Plc has been the topic of 163 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The rating was maintained by Deutsche Bank on Tuesday, July 28 with “Hold”. On Thursday, June 2 the stock rating was maintained by RBC Capital Markets with “Outperform”. HSBC upgraded the stock to “Buy” rating in Thursday, September 15 report. The firm has “Buy” rating given on Thursday, October 22 by Jefferies. The firm has “Buy” rating by Jefferies given on Friday, October 14. Jefferies maintained it with “Buy” rating and GBX 390 target price in Friday, April 22 report. JP Morgan maintained it with “Overweight” rating and GBX 300 target price in Thursday, October 22 report. Nomura maintained Acacia Mining PLC (LON:ACA) rating on Wednesday, September 2. Nomura has “Neutral” rating and GBX 285 price target. The rating was maintained by Numis Securities with “Buy” on Monday, August 3. As per Thursday, September 15, the company rating was maintained by JP Morgan.
More news for Acacia Mining PLC (LON:ACA) were recently published by: Fool.Co.Uk, which released: “Is It Time To Sell Acacia Mining plc And Buy Centamin plc?” on March 18, 2016. Fool.Co.Uk‘s article titled: “Why Kaz Minerals plc (+76%), Acacia Mining plc (+91%) and Fresnillo plc (+51 …” and published on May 10, 2016 is yet another important article.
Acacia Mining Plc , formerly African Barrick Gold Plc, is a gold miner and producer of gold in Africa. The company has a market cap of 2.07 billion GBP. The Firm is engaged in the mining, processing and sale of gold business. It currently has negative earnings. The Company’s divisions are North Mara gold mine, Bulyanhulu gold mine, Buzwagi gold mine, and Corporate and Exploration segment.
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