Could Severfield PLC Change Direction After Today’s Gap Up?

 Could Severfield PLC Change Direction After Today's Gap Up?

The stock of Severfield PLC (LON:SFR) gapped up by GBX 3 today and has GBX 72.40 target or 4.00% above today’s GBX 69.62 share price. The 9 months technical chart setup indicates low risk for the GBX 207.14 million company. The gap was reported on Nov, 23 by Barchart.com. If the GBX 72.40 price target is reached, the company will be worth GBX 8.29 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%. The stock decreased 1.24% or GBX 0.88 on November 23, hitting GBX 69.62. About 198,294 shares traded hands or 111.38% up from the average. Severfield PLC (LON:SFR) has risen 32.24% since April 27, 2016 and is uptrending. It has outperformed by 26.91% the S&P500.

Severfield PLC (LON:SFR) Ratings Coverage

Out of 2 analysts covering Severfield (LON:SFR), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. GBX 80 is the highest target while GBX 73 is the lowest. The GBX 76.50 average target is 9.88% above today’s (GBX 69.62) stock price. Severfield has been the topic of 5 analyst reports since October 6, 2015 according to StockzIntelligence Inc. Jefferies maintained it with “Buy” rating and GBX 73 target price in Tuesday, January 26 report. The rating was maintained by Canaccord Genuity with “Buy” on Tuesday, October 20. The stock of Severfield PLC (LON:SFR) earned “Buy” rating by Canaccord Genuity on Tuesday, November 24. The stock of Severfield PLC (LON:SFR) has “Buy” rating given on Tuesday, May 24 by Jefferies. Canaccord Genuity maintained the shares of SFR in a report on Tuesday, October 6 with “Buy” rating.

More news for Severfield PLC (LON:SFR) were recently published by: Fool.Co.Uk, which released: “Should You Consider Buying Tesco PLC, Walker Greenback plc And Severfield PLC?” on June 17, 2015. Fool.Co.Uk‘s article titled: “Are Jimmy Choo plc, Servelec Group plc, Aveva Group plc and Severfield plc …” and published on June 15, 2016 is yet another important article.

Severfield plc is a structural steelwork firm in the United Kingdom, which is engaged in construction contract business. The company has a market cap of 207.14 million GBP. The Firm serves the construction and infrastructure markets. It has a 24.28 P/E ratio. The Company’s construction sectors consist of commercial offices, industrial and distribution, stadia and leisure, retail, and data centers and other.

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