The stock of Renold plc (LON:RNO) gapped up by GBX 0.75 today and has GBX 45.76 target or 4.00% above today’s GBX 44.00 share price. The 7 months technical chart setup indicates low risk for the GBX 99.18 million company. The gap was reported on Nov, 30 by Barchart.com. If the GBX 45.76 price target is reached, the company will be worth GBX 3.97M 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 closed at GBX 44 during the last session. It is down 4.76% since May 3, 2016 and is uptrending. It has underperformed by 0.46% the S&P500.
Renold plc (LON:RNO) Ratings Coverage
Out of 4 analysts covering Renold PLC (LON:RNO), 3 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 75% are positive. Renold PLC has been the topic of 31 analyst reports since August 5, 2015 according to StockzIntelligence Inc. FinnCap maintained the stock with “Buy” rating in Friday, December 4 report. The rating was upgraded by Numis Securities to “Buy” on Friday, April 15. The firm has “Buy” rating given on Thursday, October 13 by Numis Securities. The rating was maintained by FinnCap on Thursday, October 13 with “Hold”. The firm has “Add” rating given on Wednesday, February 10 by Numis Securities. Numis Securities maintained Renold plc (LON:RNO) on Tuesday, September 1 with “Buy” rating. On Thursday, August 4 the stock rating was maintained by Cantor Fitzgerald with “Buy”. The stock has “Hold” rating given by FinnCap on Thursday, April 14. The stock has “Buy” rating given by Cantor Fitzgerald on Tuesday, November 15. The company was maintained on Tuesday, November 17 by Cantor Fitzgerald.
Renold plc is engaged in delivering engineered and power transmission products and solutions across the world. The company has a market cap of 99.18 million GBP. The Company’s Chain segment makes and sells power transmission and conveyor chain and includes sales of torque transmission product through Chain National Sales Companies . It has a 8.19 P/E ratio. It has manufacturing sites in the United States, Germany, India, China, Malaysia and Australia.
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