The stock of Rio Tinto plc (LON:RIO) gapped up by GBX 37.5 today and has GBX 3255.65 target or 7.00% above today’s GBX 3042.66 share price. The 7 months technical chart setup indicates low risk for the GBX 56.67B company. The gap was reported on Nov, 23 by Barchart.com. If the GBX 3255.65 price target is reached, the company will be worth GBX 3.97B 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 0.99% or GBX 30.34 on November 23, hitting GBX 3042.66. About 4.34M shares traded hands. Rio Tinto plc (LON:RIO) has risen 37.34% since April 25, 2016 and is uptrending. It has outperformed by 32.01% the S&P500.
Rio Tinto plc (LON:RIO) Ratings Coverage
Out of 29 analysts covering Rio Tinto PLC (LON:RIO), 19 rate it a “Buy”, 3 “Sell”, while 7 “Hold”. This means 66% are positive. GBX 4000 is the highest target while GBX 3 is the lowest. The GBX 2728.04 average target is -10.34% below today’s (GBX 3042.66) stock price. Rio Tinto PLC has been the topic of 363 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The firm earned “Overweight” rating on Wednesday, October 26 by Barclays Capital. The stock of Rio Tinto plc (LON:RIO) earned “Neutral” rating by BNP Paribas on Thursday, August 4. The firm has “Neutral” rating given on Friday, October 9 by BNP Paribas. Deutsche Bank maintained the stock with “Buy” rating in Tuesday, August 2 report. Haitong Securities maintained Rio Tinto plc (LON:RIO) on Monday, January 11 with “Buy” rating. BNP Paribas maintained Rio Tinto plc (LON:RIO) on Thursday, October 6 with “Neutral” rating. UBS maintained it with “Buy” rating and GBX 2700 target price in Friday, November 20 report. As per Tuesday, December 8, the company rating was maintained by Morgan Stanley. The stock has “Buy” rating given by Deutsche Bank on Tuesday, May 31. Beaufort Securities maintained the stock with “Buy” rating in Monday, November 30 report.
More recent Rio Tinto plc (LON:RIO) news were published by: Wsj.com which released: “Rio Tinto’s West African Bet Comes Back to Haunt It” on November 17, 2016. Also Prnewswire.com published the news titled: “SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation …” on November 16, 2016. Marketwatch.com‘s news article titled: “Rio Tinto to sell Scottish aluminum assets” with publication date: November 23, 2016 was also an interesting one.
Rio Tinto plc is a mining company. The Firm focuses on finding, mining, processing and marketing the Earth’s mineral resources. The company has a market cap of 56.67 billion GBP. The Company’s divisions include aluminum, copper and coal, diamonds and minerals, and iron ore. It has a 1483.5 P/E ratio. The Company’s aluminum business includes bauxite mines, alumina refineries and aluminum smelters.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.