The stock of Magellan Aerospace Corp (TSE:MAL) gapped up by $0.04 today and has $20.18 target or 6.00% above today’s $19.04 share price. The 8 months technical chart setup indicates low risk for the $1.12 billion company. The gap was reported on Nov, 25 by Barchart.com. If the $20.18 price target is reached, the company will be worth $67.20M 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 15,878 shares traded hands. Magellan Aerospace Corp (TSE:MAL) has risen 13.85% since April 21, 2016 and is uptrending. It has outperformed by 8.44% the S&P500.
Magellan Aerospace Corp (TSE:MAL) Ratings Coverage
Out of 3 analysts covering Magellan Aerospace Corporation (TSE:MAL), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $23.75 is the highest target while $19 is the lowest. The $22.25 average target is 16.86% above today’s ($19.04) stock price. Magellan Aerospace Corporation has been the topic of 6 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by Canaccord Genuity on Monday, October 24. The firm has “Buy” rating given on Wednesday, August 12 by TD Securities.
Another recent and important Magellan Aerospace Corp (TSE:MAL) news was published by Reuters.com which published an article titled: “BRIEF-Magellan Aerospace Corp says board has approved quarterly dividend p…” on November 14, 2016.
Magellan Aerospace Corporation is a Canada supplier of components to the aerospace industry and in certain applications for power generation projects. The company has a market cap of $1.12 billion. The Firm engineers and makes aeroengine and aerostructure components for aerospace markets, including products for defense and space markets, and complementary specialty products. It has a 12.31 P/E ratio. The Company’s divisions include Aerospace and Power Generation Project.
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