The stock of IAMGOLD Corp (TSE:IMG) gapped up by $0.03 today and has $6.44 target or 26.00% above today’s $5.11 share price. The 8 months technical chart setup indicates low risk for the $2.30 billion company. The gap was reported on Nov, 21 by Barchart.com. If the $6.44 price target is reached, the company will be worth $598.00 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%. About 3.02 million shares traded hands. IAMGOLD Corp (TSE:IMG) has risen 35.79% since April 15, 2016 and is uptrending. It has outperformed by 31.93% the S&P500.
IAMGOLD Corp (TSE:IMG) Ratings Coverage
Out of 5 analysts covering Iamgold Corp (TSE:IMG), 1 rate it a “Buy”, 2 “Sell”, while 2 “Hold”. This means 20% are positive. $7.50 is the highest target while $2 is the lowest. The $5.16 average target is 0.98% above today’s ($5.11) stock price. Iamgold Corp has been the topic of 9 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The firm earned “Sell” rating on Friday, February 19 by Mackie. The company was upgraded on Tuesday, November 8 by TD Securities. On Tuesday, November 8 the stock rating was maintained by Scotia Capital with “Sector Perform”. The rating was maintained by RBC Capital Markets on Friday, January 29 with “Underperform”. On Thursday, August 6 the stock rating was upgraded by Canaccord Genuity to “Hold”.
IAMGOLD Corporation is engaged in the exploration, development and production of mineral resource properties across the world. The company has a market cap of $2.30 billion. Through its holdings, IAMGOLD has interests in various activities and exploration properties, as well as various royalty interests on mineral resource properties. It currently has negative earnings. All gold produced by IAMGOLD is in the form of dore bars, which is sold to gold refineries in North America and Europe.
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