The stock of Royal Bank of Canada (TSE:RY) gapped down by $0.5 today and has $80.88 target or 8.00% below today’s $87.91 share price. The 7 months technical chart setup indicates high risk for the $132.58B company. The gap down was reported on Nov, 30 by Barchart.com. If the $80.88 price target is reached, the company will be worth $10.61B 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 2.11M shares traded hands. Royal Bank of Canada (TSE:RY) has risen 15.82% since April 26, 2016 and is uptrending. It has outperformed by 10.59% the S&P500.
Royal Bank of Canada (TSE:RY) Ratings Coverage
Out of 7 analysts covering RBC (TSE:RY), 3 rate it a “Buy”, 2 “Sell”, while 2 “Hold”. This means 43% are positive. $100 is the highest target while $58 is the lowest. The $83.75 average target is -4.73% below today’s ($87.91) stock price. RBC has been the topic of 31 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Thursday, August 27 by Scotia Capital. On Tuesday, August 25 the stock rating was maintained by Desjardins Securities with “Buy”. The company was maintained on Monday, August 17 by IBC. Bank of America initiated the shares of RY in a report on Tuesday, November 1 with “Underperform” rating. The stock of Royal Bank of Canada (TSE:RY) earned “Neutral” rating by Dundee Securities on Wednesday, September 21. National Bank Canada maintained Royal Bank of Canada (TSE:RY) rating on Tuesday, August 4. National Bank Canada has “Sector Perform” rating and $80 price target.
More notable recent Royal Bank of Canada (TSE:RY) news were published by: Wsj.com which released: “Royal Bank of Canada’s Profit Slips” on November 30, 2016, also Reuters.com with their article: “Royal Bank of Canada’s earnings drop on capital markets weakness” published on November 30, 2016, Reuters.com published: “BRIEF-Royal Bank Of Canada reports Q4 earnings per share C$1.65” on November 30, 2016. More interesting news about Royal Bank of Canada (TSE:RY) were released by: Streetinsider.com and their article: “Royal Bank of Canada (RY) Tops Q4 EPS by 36c” published on November 30, 2016 as well as Business.Financialpost.com‘s news article titled: “Royal Bank of Canada was just upgraded by TD Bank” with publication date: November 21, 2016.
Royal Bank of Canada , is a diversified financial services company. The company has a market cap of $132.58 billion. The Firm provides personal and commercial banking, wealth management services, insurance, investor services and capital markets services and products on a global basis. It has a 12.81 P/E ratio. The Firm serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
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