The stock of ONEX Corporation (TSE:ONEX) gapped up by $0.36 today and has $129.08 target or 45.00% above today’s $89.02 share price. The 7 months technical chart setup indicates low risk for the $9.26 billion company. The gap was reported on Nov, 15 by Barchart.com. If the $129.08 price target is reached, the company will be worth $4.17 billion 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 41,441 shares traded hands. ONEX Corporation (TSE:ONEX) has risen 14.67% since April 11, 2016 and is uptrending. It has outperformed by 10.74% the S&P500.
More notable recent ONEX Corporation (TSE:ONEX) news were published by: Business.Financialpost.com which released: “Onex Corp reverses its normal exit strategy, plans to use IPO to sell stake in …” on June 06, 2016, also Fool.ca with their article: “ONEX Corporation Gets Analytical” published on October 06, 2016, Business.Financialpost.com published: “Onex Corp hungry for restaurant, retail deals to lighten $2.2 billion war chest” on September 08, 2016. More interesting news about ONEX Corporation (TSE:ONEX) were released by: Theglobeandmail.com and their article: “Onex buying US discount grocer Save-A-Lot for $1.37-billion” published on October 17, 2016 as well as Reuters.com‘s news article titled: “Exclusive: Buyout firm Onex in the lead to acquire Save-A-Lot – sources” with publication date: September 29, 2016.
Onex Corporation is a private equity firm. The company has a market cap of $9.26 billion. The Firm operates in eight divisions: Electronics Manufacturing Services, Healthcare Imaging, Health and Human Services, Building Products, Insurance Services, Packaging Products and Services, Credit Strategies, and Other Businesses. It currently has negative earnings. The Company’s Other businesses include aerospace automation, tooling and components, aircraft leasing and management, business services/tradeshows, restaurants, hospital management services, survival equipment and plastics processing equipment.
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