Will Randgold Resources Limited Short Squeeze Soon? The Stock Just Gapped Up

 Will Randgold Resources Limited Short Squeeze Soon? The Stock Just Gapped Up

The stock of Randgold Resources Limited (LON:RRS) gapped up by GBX 5 today and has GBX 6095.02 target or 4.00% above today’s GBX 5860.60 share price. The 5 months technical chart setup indicates low risk for the GBX 5.48B company. The gap was reported on Nov, 28 by Barchart.com. If the GBX 6095.02 price target is reached, the company will be worth GBX 219.20 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%. The stock increased 2.46% or GBX 140.6 on November 28, hitting GBX 5860.6. About 816,603 shares traded hands. Randgold Resources Limited (LON:RRS) has declined 11.89% since April 29, 2016 and is downtrending. It has underperformed by 17.90% the S&P500.

Randgold Resources Limited (LON:RRS) Ratings Coverage

Out of 22 analysts covering Randgold Resources Ltd (LON:RRS), 14 rate it a “Buy”, 3 “Sell”, while 5 “Hold”. This means 64% are positive. Randgold Resources Ltd has been the topic of 163 analyst reports since July 22, 2015 according to StockzIntelligence Inc. As per Friday, February 19, the company rating was downgraded by Stifel Nicolaus. Barclays Capital maintained Randgold Resources Limited (LON:RRS) rating on Tuesday, November 10. Barclays Capital has “Overweight” rating and GBX 4800 price target. The rating was maintained by Canaccord Genuity on Thursday, August 13 with “Hold”. Nomura maintained the shares of RRS in a report on Thursday, February 18 with “Reduce” rating. UBS maintained the stock with “Buy” rating in Friday, November 6 report. The stock has “Overweight” rating given by Barclays Capital on Friday, January 22. Macquarie Research maintained Randgold Resources Limited (LON:RRS) rating on Monday, November 23. Macquarie Research has “Neutral” rating and GBX 4400 price target. The firm earned “Hold” rating on Friday, April 1 by Panmure Gordon. Morgan Stanley maintained Randgold Resources Limited (LON:RRS) on Thursday, August 6 with “Overwt/In-Line” rating. Deutsche Bank maintained the stock with “Hold” rating in Friday, August 7 report.

More recent Randgold Resources Limited (LON:RRS) news were published by: Nasdaq.com which released: “Randgold Resources Limited (Nasdaq: GOLD) to Ring The Nasdaq Stock Market …” on November 18, 2016. Also Marketwired.com published the news titled: “Randgold Resources Limited: 3rd Quarter Results and updates” on November 03, 2016. Seekingalpha.com‘s news article titled: “The State Of Randgold’s Affairs: What To Expect” with publication date: November 23, 2016 was also an interesting one.

Randgold Resources Limited is engaged in the gold mining, exploration and related activities. The company has a market cap of 5.48 billion GBP. The Company’s activities are focused on West and Central Africa. It has a 32.3 P/E ratio. The Firm operates through the gold mining segment.

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