The stock of HudBay Minerals Inc. (TSE:HBM) gapped up by $0.15 today and has $10.33 target or 28.00% above today’s $8.07 share price. The 9 months technical chart setup indicates low risk for the $1.90B company. The gap was reported on Nov, 21 by Barchart.com. If the $10.33 price target is reached, the company will be worth $532.00M 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 2.60 million shares traded hands or 1.17% up from the average. HudBay Minerals Inc. (TSE:HBM) has risen 80.52% since April 15, 2016 and is uptrending. It has outperformed by 76.66% the S&P500.
HudBay Minerals Inc. (TSE:HBM) Ratings Coverage
Out of 8 analysts covering Hudbay Minerals Inc (TSE:HBM), 6 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 75% are positive. $12 is the highest target while $4.25 is the lowest. The $7.93 average target is -1.73% below today’s ($8.07) stock price. Hudbay Minerals Inc has been the topic of 37 analyst reports since July 22, 2015 according to StockzIntelligence Inc. On Friday, July 29 the stock rating was maintained by Scotia Capital with “Outperform”. The firm has “Sector Perform” rating by RBC Capital Markets given on Monday, December 14. TD Securities upgraded the shares of HBM in a report on Thursday, November 3 to “Buy” rating. The rating was maintained by RBC Capital Markets with “Outperform” on Tuesday, October 25. The stock has “Outperform” rating given by RBC Capital Markets on Thursday, November 3. As per Thursday, November 3, the company rating was maintained by Scotia Capital. The stock has “Sector Perform” rating given by RBC Capital Markets on Thursday, January 14. The stock of HudBay Minerals Inc. (TSE:HBM) earned “Sector Perform” rating by RBC Capital Markets on Friday, April 29. RBC Capital Markets upgraded the shares of HBM in a report on Monday, May 16 to “Outperform” rating.
More news for HudBay Minerals Inc. (TSE:HBM) were recently published by: Business.Financialpost.com, which released: “HudBay Minerals Inc upgraded at RBC” on May 16, 2016. Moodys.com‘s article titled: “Moody’s confirms HudBay’s rating at B3, outlook negative” and published on March 01, 2016 is yet another important article.
HudBay Minerals Inc. is a Canada-based mining company. The company has a market cap of $1.90 billion. The Firm is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. It currently has negative earnings. The Firm is focused on the discovery, production and marketing of base and precious metals.
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