The stock of Mullen Group Ltd (TSE:MTL) gapped down by $0.09 today and has $17.06 target or 5.00% below today’s $17.96 share price. The 8 months technical chart setup indicates high risk for the $1.84 billion company. The gap down was reported on Nov, 28 by Barchart.com. If the $17.06 price target is reached, the company will be worth $92.00 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 70,605 shares traded hands. Mullen Group Ltd (TSE:MTL) has risen 31.50% since April 22, 2016 and is uptrending. It has outperformed by 25.48% the S&P500.
Mullen Group Ltd (TSE:MTL) Ratings Coverage
Out of 8 analysts covering Mullen Group (TSE:MTL), 3 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 38% are positive. $22.5 is the highest target while $14 is the lowest. The $18.55 average target is 3.29% above today’s ($17.96) stock price. Mullen Group has been the topic of 31 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The rating was maintained by RBC Capital Markets with “Outperform” on Friday, July 22. Cormark Securities maintained Mullen Group Ltd (TSE:MTL) on Wednesday, October 14 with “Buy” rating. On Friday, October 21 the stock rating was maintained by BMO Capital Markets with “Market Perform”. RBC Capital Markets maintained the shares of MTL in a report on Thursday, October 22 with “Sector Perform” rating. The rating was upgraded by Raymond James to “Outperform” on Friday, November 20. As per Friday, October 7, the company rating was downgraded by Raymond James. The rating was maintained by RBC Capital Markets on Thursday, November 26 with “Sector Perform”. The rating was maintained by Scotia Capital on Thursday, July 23 with “Sector Outperform”. GMP Securities upgraded the stock to “Buy” rating in Friday, October 21 report. Raymond James upgraded Mullen Group Ltd (TSE:MTL) rating on Friday, July 24. Raymond James has “Market Perform” rating and $20.50 price target.
Another recent and important Mullen Group Ltd (TSE:MTL) news was published by Marketwired.com which published an article titled: “Mullen Group Ltd. Reports Third Quarter Financial Results and Operating Update” on October 19, 2016.
Mullen Group Ltd. is a supplier of trucking and logistics services in Canada. The company has a market cap of $1.84 billion. The Firm provides a range of specialized transportation and related services to the oil and natural gas industry in western Canada. It has a 31.73 P/E ratio. The Firm operates in two divisions: Trucking/Logistics and Oilfield Services.
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