Black Diamond Group Ltd’s Big Gap Up Today Points to Less Stock Risks

 Black Diamond Group Ltd's Big Gap Up Today Points to Less Stock Risks

The stock of Black Diamond Group Ltd (TSE:BDI) gapped up by $0.06 today and has $7.47 target or 125.00% above today’s $3.32 share price. The 6 months technical chart setup indicates low risk for the $142.87 million company. The gap was reported on Nov, 21 by If the $7.47 price target is reached, the company will be worth $178.59 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 255,623 shares traded hands or 26.98% up from the average. Black Diamond Group Ltd (TSE:BDI) has declined 23.46% since April 15, 2016 and is downtrending. It has underperformed by 27.32% the S&P500.

Black Diamond Group Ltd (TSE:BDI) Ratings Coverage

Out of 6 analysts covering Black Diamond Group Ltd. (TSE:BDI), 4 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 67% are positive. $20 is the highest target while $4.75 is the lowest. The $10.92 average target is 228.92% above today’s ($3.32) stock price. Black Diamond Group Ltd. has been the topic of 24 analyst reports since July 21, 2015 according to StockzIntelligence Inc. As per Friday, August 14, the company rating was maintained by Raymond James. As per Friday, September 11, the company rating was upgraded by IBC. Raymond James downgraded Black Diamond Group Ltd (TSE:BDI) on Thursday, November 12 to “Outperform” rating. The stock has “Outperform” rating given by BMO Capital Markets on Thursday, September 10. The firm earned “Outperform” rating on Friday, August 14 by Scotia Capital. The rating was downgraded by Scotia Capital on Wednesday, November 9 to “Sector Perform”. Raymond James upgraded the shares of BDI in a report on Tuesday, August 25 to “Outperform” rating. The stock has “Sector Perform” rating given by RBC Capital Markets on Friday, August 14.

Black Diamond Group Limited is a Canada company, which rents and sells modular workforce accommodation and space rental solutions to clients in Canada, the United States and Australia. The company has a market cap of $142.87 million. The Firm offers lodging and other support services related to remote workforce accommodation and space rentals. It currently has negative earnings. It operates through the divisions, including Structures, Logistics, Energy Services and International.

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