The stock of HudBay Minerals Inc. (TSE:HBM) gapped down by $0.07 today and has $8.34 target or 8.00% below today’s $9.07 share price. The 7 months technical chart setup indicates high risk for the $2.09B company. The gap down was reported on Nov, 29 by Barchart.com. If the $8.34 price target is reached, the company will be worth $167.20M 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 862,408 shares traded hands. HudBay Minerals Inc. (TSE:HBM) has risen 69.23% since April 25, 2016 and is uptrending. It has outperformed by 63.97% the S&P500.
HudBay Minerals Inc. (TSE:HBM) Ratings Coverage
Out of 7 analysts covering Hudbay Minerals Inc (TSE:HBM), 6 rate it a “Buy”, 1 “Sell”, while 0 “Hold”. This means 86% are positive. $12 is the highest target while $4.25 is the lowest. The $8.70 average target is -4.08% below today’s ($9.07) stock price. Hudbay Minerals Inc has been the topic of 42 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The company was maintained on Tuesday, November 22 by RBC Capital Markets. The firm has “Sector Perform” rating by RBC Capital Markets given on Monday, December 14. The stock of HudBay Minerals Inc. (TSE:HBM) earned “Sector Perform” rating by RBC Capital Markets on Thursday, January 14. The stock of HudBay Minerals Inc. (TSE:HBM) earned “Outperform” rating by Scotia Capital on Thursday, November 3. RBC Capital Markets maintained the shares of HBM in a report on Friday, April 29 with “Sector Perform” rating. TD Securities upgraded the shares of HBM in a report on Thursday, November 3 to “Buy” rating. RBC Capital Markets maintained the shares of HBM in a report on Thursday, November 3 with “Outperform” rating. The firm has “Outperform” rating given on Friday, July 29 by Scotia Capital. The stock of HudBay Minerals Inc. (TSE:HBM) earned “Outperform” rating by RBC Capital Markets on Monday, May 16. RBC Capital Markets maintained HudBay Minerals Inc. (TSE:HBM) on Tuesday, October 25 with “Outperform” rating.
More news for HudBay Minerals Inc. (TSE:HBM) were recently published by: Juniorminingnetwork.com, which released: “Hudbay Minerals Announces Offering of US$1.0 Billion Aggregate Principal …” on November 28, 2016. Business.Financialpost.com‘s article titled: “HudBay Minerals Inc upgraded at RBC” and published on May 16, 2016 is yet another important article.
HudBay Minerals Inc. is a Canada-based mining company. The company has a market cap of $2.09 billion. The Firm is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. It currently has negative earnings. The Firm is focused on the discovery, production and marketing of base and precious metals.
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