The stock of Lucara Diamond Corp (TSE:LUC) gapped up by $0.01 today and has $3.65 target or 8.00% above today’s $3.38 share price. The 7 months technical chart setup indicates low risk for the $1.29 billion company. The gap was reported on Nov, 29 by Barchart.com. If the $3.65 price target is reached, the company will be worth $103.20 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%. About 29,491 shares traded hands. Lucara Diamond Corp (TSE:LUC) has risen 6.01% since April 25, 2016 and is uptrending. It has outperformed by 0.75% the S&P500.
Lucara Diamond Corp (TSE:LUC) Ratings Coverage
Out of 3 analysts covering Lucara Diamond (TSE:LUC), 1 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. $3.25 is the highest target while $2.40 is the lowest. The $3.01 average target is -10.95% below today’s ($3.38) stock price. Lucara Diamond has been the topic of 11 analyst reports since August 13, 2015 according to StockzIntelligence Inc. As per Thursday, February 25, the company rating was downgraded by BMO Capital Markets. The stock of Lucara Diamond Corp (TSE:LUC) earned “Sector Perform” rating by Scotia Capital on Wednesday, November 9. The firm has “Sector Perform” rating given on Thursday, November 17 by Scotia Capital.
More news for Lucara Diamond Corp (TSE:LUC) were recently published by: Theglobeandmail.com, which released: “The Globe and Mail” on August 30, 2011. Business.Financialpost.com‘s article titled: “Lucara Diamond Corp rejects $40 million offer for second biggest diamond ever …” and published on November 26, 2015 is yet another important article.
Lucara Diamond Corp. is a diamond mining firm focused on Africa. The company has a market cap of $1.29 billion. The Company’s business consists of the acquisition, exploration, development and operation of diamond properties. It has a 12.31 P/E ratio. The Company’s primary divisions are based on individual diamond properties, being the Karowe Mine and Corporate.
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