The stock of Tricon Capital Group Inc (TSE:TCN) gapped up by $0.38 today and has $10.72 target or 21.00% above today’s $8.86 share price. The 5 months technical chart setup indicates low risk for the $997.35 million company. The gap was reported on Nov, 10 by Barchart.com. If the $10.72 price target is reached, the company will be worth $209.44M 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 64,973 shares traded hands. Tricon Capital Group Inc (TSE:TCN) has declined 3.78% since April 6, 2016 and is downtrending. It has underperformed by 9.43% the S&P500.
Tricon Capital Group Inc (TSE:TCN) Ratings Coverage
Out of 4 analysts covering Tricon Capital Group (TSE:TCN), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $14 is the highest target while $11.50 is the lowest. The $12.80 average target is 44.47% above today’s ($8.86) stock price. Tricon Capital Group has been the topic of 15 analyst reports since August 19, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Wednesday, November 25 by RBC Capital Markets. The stock has “Buy” rating given by TD Securities on Wednesday, August 19. IBC reinitiated the shares of TCN in a report on Wednesday, August 19 with “Sector Outperform” rating. The stock of Tricon Capital Group Inc (TSE:TCN) earned “Outperform” rating by RBC Capital Markets on Wednesday, October 26. The firm has “Outperform” rating given on Thursday, February 25 by RBC Capital Markets. The stock of Tricon Capital Group Inc (TSE:TCN) has “Outperform” rating given on Wednesday, June 1 by RBC Capital Markets. RBC Capital Markets maintained Tricon Capital Group Inc (TSE:TCN) on Wednesday, January 27 with “Outperform” rating. Canaccord Genuity maintained the stock with “Buy” rating in Monday, August 15 report. The firm has “Outperform” rating given on Wednesday, June 29 by RBC Capital Markets. The company was maintained on Tuesday, August 25 by National Bank Canada.
Another recent and important Tricon Capital Group Inc (TSE:TCN) news was published by Prnewswire.com which published an article titled: “Houston-Based Johnson Development, Tricon Capital Group Acquire McKinney …” on July 21, 2016.
Tricon Capital Group Inc. is an asset manager and principal investor focused on the residential real estate industry. The company has a market cap of $997.35 million. The Firm operates through five divisions. It has a 9.76 P/E ratio. Through Tricon Housing Partners, its land and homebuilding investment vertical, it invests or co-invests in private commingled funds, separate accounts and sidecars.
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