The stock of IGM Financial Inc. (TSE:IGM) gapped up by $0.01 today and has $39.92 target or 5.00% above today’s $38.02 share price. The 9 months technical chart setup indicates low risk for the $9.18 billion company. The gap was reported on Nov, 25 by Barchart.com. If the $39.92 price target is reached, the company will be worth $459.00 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 57,907 shares traded hands. IGM Financial Inc. (TSE:IGM) has declined 4.13% since April 21, 2016 and is downtrending. It has underperformed by 9.54% the S&P500.
IGM Financial Inc. (TSE:IGM) Ratings Coverage
Out of 6 analysts covering IGM Financial (TSE:IGM), 0 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 0 are positive. IGM Financial has been the topic of 23 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The company was maintained on Thursday, November 26 by National Bank Canada. Scotia Capital maintained it with “Outperform” rating and $47 target price in Friday, August 7 report. Scotia Capital maintained it with “Sector Perform” rating and $39 target price in Friday, November 4 report. TD Securities maintained the shares of IGM in a report on Friday, August 7 with “Hold” rating.
Another recent and important IGM Financial Inc. (TSE:IGM) news was published by Reuters.com which published an article titled: “IGM Financial, GWL set to buy Montreal office towers: sources” on November 22, 2016.
IGM Financial Inc. is a Canada-based financial services company. The company has a market cap of $9.18 billion. The Company’s principal businesses are Investors Group Inc. and Mackenzie Financial Corporation, which operate within the advice segment of the financial services market. It has a 12.97 P/E ratio.
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