Novae Group Plc’s Big Gap Down Today Points to More Stock Risks

 Novae Group Plc's Big Gap Down Today Points to More Stock Risks

The stock of Novae Group Plc (LON:NVA) gapped down by GBX 4.5 today and has GBX 725.73 target or 9.00% below today’s GBX 797.50 share price. The 5 months technical chart setup indicates high risk for the GBX 513.79M company. The gap down was reported on Nov, 10 by Barchart.com. If the GBX 725.73 price target is reached, the company will be worth GBX 46.24 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%. The stock increased 0.76% or GBX 6 on November 10, hitting GBX 797.5. About 103,984 shares traded hands. Novae Group Plc (LON:NVA) has declined 8.91% since April 13, 2016 and is downtrending. It has underperformed by 14.56% the S&P500.

Novae Group Plc (LON:NVA) Ratings Coverage

Out of 9 analysts covering Novae Group PLC (LON:NVA), 5 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 56% are positive. Novae Group PLC has been the topic of 47 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The firm earned “Add” rating on Tuesday, November 17 by Peel Hunt. Macquarie Research maintained Novae Group Plc (LON:NVA) rating on Friday, August 5. Macquarie Research has “Outperform” rating and GBX 907 price target. As per Tuesday, October 27, the company rating was maintained by Shore Capital. Peel Hunt maintained it with “Add” rating and GBX 920 target price in Wednesday, November 9 report. The stock has “Buy” rating given by Canaccord Genuity on Thursday, January 14. On Wednesday, August 3 the stock rating was maintained by Canaccord Genuity with “Buy”. As per Wednesday, November 9, the company rating was maintained by Shore Capital. The firm has “Add” rating given on Wednesday, August 3 by Peel Hunt. The stock has “Hold” rating given by Shore Capital on Wednesday, October 5. The stock of Novae Group Plc (LON:NVA) has “Add” rating given on Monday, April 18 by Peel Hunt.

Another recent and important Novae Group Plc (LON:NVA) news was published by Fool.Co.Uk which published an article titled: “Are National Express Group plc, OneSavings Bank plc & Novae Group plc dividend …” on May 11, 2016.

Novae Group plc is a United Kingdom holding company. The company has a market cap of 513.79 million GBP. The Firm is engaged in a diversified property and casualty insurance business. It has a 5.63 P/E ratio. The Firm operates in three divisions: Property; Casualty, and Marine, Aviation & Political Risk (MAP).

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