The stock of Absolute Software (TSE:ABT) gapped up by $0.01 today and has $11.47 target or 79.00% above today’s $6.41 share price. The 6 months technical chart setup indicates low risk for the $261.58M company. The gap was reported on Nov, 18 by Barchart.com. If the $11.47 price target is reached, the company will be worth $206.65M 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 45,507 shares traded hands. Absolute Software (TSE:ABT) has declined 8.93% since April 14, 2016 and is downtrending. It has underperformed by 13.36% the S&P500.
Absolute Software (TSE:ABT) Ratings Coverage
Out of 7 analysts covering Absolute Software (TSE:ABT), 2 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 29% are positive. $10.50 is the highest target while $6 is the lowest. The $8.57 average target is 33.70% above today’s ($6.41) stock price. Absolute Software has been the topic of 13 analyst reports since August 19, 2015 according to StockzIntelligence Inc. Cormark Securities downgraded the stock to “Market Perform” rating in Wednesday, May 11 report. The stock of Absolute Software (TSE:ABT) has “Sector Perform” rating given on Monday, August 22 by Scotia Capital. As per Thursday, October 22, the company rating was initiated by Canaccord Genuity.
More news for Absolute Software (TSE:ABT) were recently published by: Bloomberg.com, which released: “TSX Movers: Bombardier, Valeant, Absolute Software” on August 22, 2016. Seekingalpha.com‘s article titled: “Absolute Software’s (ALSWF) CEO Geoff Haydon on F4Q 2016 Results – Earnings …” and published on August 19, 2016 is yet another important article.
Absolute Software Corporation is engaged in the development, marketing and support of endpoint security and data risk management solutions to commercial, healthcare, education and government customers. The company has a market cap of $261.58 million. The Firm operates through Data and Device Security segment. It has a 23.96 P/E ratio. The Firm offers solutions for devices, such as computers, laptops, tablets and smartphones.
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