The stock of Satellite Solutions Worldwide Group PLC (LON:SAT) gapped up by GBX 0.18 today and has GBX 8.30 target or 7.00% above today’s GBX 7.76 share price. The 5 months technical chart setup indicates low risk for the GBX 41.92 million company. The gap was reported on Nov, 30 by Barchart.com. If the GBX 8.30 price target is reached, the company will be worth GBX 2.93 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 0.06% or GBX 0.01 on November 30, hitting GBX 7.76. About 2.00 million shares traded hands or 52.67% up from the average. Satellite Solutions Worldwide Group PLC (LON:SAT) has declined 12.68% since May 3, 2016 and is downtrending. It has underperformed by 17.90% the S&P500.
Satellite Solutions Worldwide Group PLC is a United Kingdom global communications company, which is engaged in offering rural and last-mile satellite broadband. The company has a market cap of 41.92 million GBP. The Firm offers a range of satellite broadband services for clients across over 30 countries. It currently has negative earnings. With solutions targeting business-to-consumer (B2C) and business-to-business (B2B) users, and with products developed specifically for the broadcasting/satellite news gathering (SNG), police and military markets, its brand Europasat (www.europasat.com) is an independent well-known provider of satellite broadband Internet services across Europe.