Could IGM Financial Inc. Gain Strenght? The Stock Just Gapped Down

 Could IGM Financial Inc. Gain Strenght? The Stock Just Gapped Down

The stock of IGM Financial Inc. (TSE:IGM) gapped down by $0.01 today and has $34.82 target or 7.00% below today’s $37.44 share price. The 8 months technical chart setup indicates high risk for the $8.95B company. The gap down was reported on Nov, 29 by If the $34.82 price target is reached, the company will be worth $626.50M 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 45,293 shares traded hands. IGM Financial Inc. (TSE:IGM) has declined 4.32% since April 25, 2016 and is downtrending. It has underperformed by 9.58% 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. $49 is the highest target while $14 is the lowest. The $38.80 average target is 3.63% above today’s ($37.44) stock price. IGM Financial has been the topic of 23 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The firm has “Sector Perform” rating given on Friday, November 4 by Scotia Capital. On Thursday, November 26 the stock rating was maintained by National Bank Canada with “Sector Perform”. The firm earned “Hold” rating on Friday, August 7 by TD Securities. The firm has “Outperform” rating by Scotia Capital given on Friday, August 7.

Another recent and important IGM Financial Inc. (TSE:IGM) news was published by 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 $8.95 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 12.77 P/E ratio.

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