The stock of Adecoagro SA (NYSE:AGRO) gapped up by GBX 0.05 today and has GBX 11.92 target or 9.00% above today’s GBX 10.94 share price. The 8 months technical chart setup indicates low risk for the GBX 1.34 billion company. The gap was reported on Nov, 24 by Barchart.com. If the GBX 11.92 price target is reached, the company will be worth GBX 120.60M 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 increased 0.92% or $0.1 on November 23, hitting $10.94. About 632,724 shares traded hands or 110.45% up from the average. Adecoagro SA (NYSE:AGRO) has declined 2.84% since April 22, 2016 and is downtrending. It has underperformed by 8.25% the S&P500.
Adecoagro SA (NYSE:AGRO) Ratings Coverage
Out of 3 analysts covering Adecoagro S.A. (NYSE:AGRO), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Adecoagro S.A. has been the topic of 4 analyst reports since September 28, 2015 according to StockzIntelligence Inc. On Tuesday, December 15 the stock rating was upgraded by Bank of America to “Buy”. The rating was initiated by JP Morgan on Monday, September 28 with “Overweight”. The firm has “Overweight” rating given on Monday, November 23 by Morgan Stanley.
Another recent and important Adecoagro SA (NYSE:AGRO) news was published by Reuters.com which published an article titled: “BRIEF-Adecoagro SA Q3 sales rose 44.5 percent to $246.4 million” on November 14, 2016.
Adecoagro S.A. is a holding company
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