Is Major Move Coming For First Quantum Minerals Limited After This Gap Up?

 Is Major Move Coming For First Quantum Minerals Limited After This Gap Up?

The stock of First Quantum Minerals Limited (TSE:FM) gapped up by $0.24 today and has $16.56 target or 5.00% above today’s $15.77 share price. The 8 months technical chart setup indicates low risk for the $11.66 billion company. The gap was reported on Nov, 22 by Barchart.com. If the $16.56 price target is reached, the company will be worth $583.00 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 4.06 million shares traded hands. First Quantum Minerals Limited (TSE:FM) has risen 93.97% since April 18, 2016 and is uptrending. It has outperformed by 89.42% the S&P500.

First Quantum Minerals Limited (TSE:FM) Ratings Coverage

Out of 15 analysts covering First Quantum Minerals (TSE:FM), 6 rate it a “Buy”, 5 “Sell”, while 4 “Hold”. This means 40% are positive. $20 is the highest target while $3.50 is the lowest. The $11.92 average target is -24.41% below today’s ($15.77) stock price. First Quantum Minerals has been the topic of 65 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was maintained by BNP Paribas with “” on Friday, July 29. The rating was maintained by RBC Capital Markets with “Sector Perform” on Thursday, July 30. National Bank Canada upgraded First Quantum Minerals Limited (TSE:FM) on Wednesday, July 22 to “Outperform” rating. RBC Capital Markets maintained First Quantum Minerals Limited (TSE:FM) rating on Monday, May 30. RBC Capital Markets has “Sector Perform” rating and $11 price target. The stock of First Quantum Minerals Limited (TSE:FM) earned “Sector Perform” rating by RBC Capital Markets on Tuesday, October 25. The company was upgraded on Tuesday, November 10 by BMO Capital Markets. The stock has “Buy” rating given by Citigroup on Wednesday, October 7. The firm earned “Focus Stock” rating on Friday, October 28 by Scotia Capital. The stock of First Quantum Minerals Limited (TSE:FM) has “Sector Perform” rating given on Tuesday, January 19 by RBC Capital Markets. The firm has “Sector Perform” rating given on Tuesday, October 6 by RBC Capital Markets.

More notable recent First Quantum Minerals Limited (TSE:FM) news were published by: Business.Financialpost.com which released: “First Quantum Minerals Ltd issues ‘going concern’ warning amid high debt, weak …” on February 19, 2016, also Business.Financialpost.com with their article: “First Quantum Minerals Ltd upgraded to buy as liquidity improves” published on July 20, 2016, Business.Financialpost.com published: “Teck Resources Ltd and First Quantum Minerals Ltd upgraded at Canaccord” on July 25, 2016. More interesting news about First Quantum Minerals Limited (TSE:FM) were released by: Moodys.com and their article: “Moody’s downgrades FQM’s CFR to Caa1, senior unsecured notes to Caa2; negative …” published on January 08, 2016 as well as Business.Financialpost.com‘s news article titled: “First Quantum Minerals Ltd sells Kevitsa mine in Finland for US$712 million to …” with publication date: March 10, 2016.

First Quantum Minerals Ltd. is an international mining company. The company has a market cap of $11.66 billion. The Firm is engaged in mineral exploration, mine engineering and construction, development and mining. It has a 24.93 P/E ratio. It produces copper in concentrate, copper cathode, nickel in concentrate, gold, zinc, platinum-group elements and pyrite.

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