The stock of ALTERRA POWER CORP (TSE:AXY) gapped up by $0.07 today and has $5.71 target or 9.00% above today’s $5.24 share price. The 6 months technical chart setup indicates low risk for the $287.79 million company. The gap was reported on Nov, 23 by Barchart.com. If the $5.71 price target is reached, the company will be worth $25.90 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 37,832 shares traded hands. ALTERRA POWER CORP (TSE:AXY) has risen 14.88% since April 19, 2016 and is uptrending. It has outperformed by 9.55% the S&P500.
ALTERRA POWER CORP (TSE:AXY) Ratings Coverage
Out of 3 analysts covering Alterra Power Corp (TSE:AXY), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $0.80 is the highest target while $0.55 is the lowest. The $0.73 average target is -86.07% below today’s ($5.24) stock price. Alterra Power Corp has been the topic of 6 analyst reports since August 13, 2015 according to StockzIntelligence Inc.
More recent ALTERRA POWER CORP (TSE:AXY) news were published by: Seekingalpha.com which released: “Alterra Power Corporation’s (MGMXF) CEO John Carson on Q3 2016 Results …” on November 09, 2016. Also Seekingalpha.com published the news titled: “Alterra Power – Aggressively Growing Renewable Energy Play” on August 25, 2016. Seekingalpha.com‘s news article titled: “Alterra Power Is Still Underestimated By Mr. Market” with publication date: November 24, 2015 was also an interesting one.
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