The stock of IAMGOLD Corp (TSE:IMG) gapped down by $0.02 today and has $4.44 target or 9.00% below today’s $4.88 share price. The 7 months technical chart setup indicates high risk for the $2.14 billion company. The gap down was reported on Dec, 1 by Barchart.com. If the $4.44 price target is reached, the company will be worth $192.60 million 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 1.35M shares traded hands. IAMGOLD Corp (TSE:IMG) has risen 29.13% since April 27, 2016 and is uptrending. It has outperformed by 23.21% the S&P500.
IAMGOLD Corp (TSE:IMG) Ratings Coverage
Out of 6 analysts covering Iamgold Corp (TSE:IMG), 2 rate it a “Buy”, 2 “Sell”, while 2 “Hold”. This means 33% are positive. $7.50 is the highest target while $2 is the lowest. The $5.26 average target is 7.79% above today’s ($4.88) stock price. Iamgold Corp has been the topic of 11 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The rating was maintained by Scotia Capital with “Sector Perform” on Tuesday, November 8. The firm has “Underperform” rating given on Friday, January 29 by RBC Capital Markets. The stock of IAMGOLD Corp (TSE:IMG) has “Buy” rating given on Tuesday, November 8 by TD Securities. Canaccord Genuity upgraded the stock to “Hold” rating in Thursday, August 6 report. The firm has “Sector Perform” rating by Canaccord Genuity given on Thursday, November 24. The stock has “Sell” rating given by Mackie on Friday, February 19.
Another recent and important IAMGOLD Corp (TSE:IMG) news was published by Fool.com which published an article titled: “IAMGOLD Corp’s Stock Surges on Explosive Cash Flow Growth” on November 08, 2016.
IAMGOLD Corporation is engaged in the exploration, development and production of mineral resource properties across the world. The company has a market cap of $2.14 billion. Through its holdings, IAMGOLD has interests in various activities and exploration properties, as well as various royalty interests on mineral resource properties. It currently has negative earnings. All gold produced by IAMGOLD is in the form of dore bars, which is sold to gold refineries in North America and Europe.
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