A Reversal for SpartanNash Co Is Not Near. The Stock Gaps Down

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The stock of SpartanNash Co (SPTN) gapped down by $0.58 today and has $18.01 target or 27.00% below today’s $24.67 share price. The 5 months technical chart setup indicates high risk for the $925.54M company. The gap down was reported on Nov, 12 by Barchart.com. If the $18.01 price target is reached, the company will be worth $249.90 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%. The stock is down 10.87% or $3.01 after the news, hitting $24.67 per share. About 100,588 shares traded hands. SpartanNash Co (NASDAQ:SPTN) has declined 13.61% since April 10, 2015 and is downtrending. It has underperformed by 12.32% the S&P500.

According to Zacks, “SpartanNash Co. is a food distributor serving military commissaries and exchanges in the United States. The company’s core businesses include distributing food to military commissaries and exchanges and independent and corporate-owned retail stores located in 44 states and the District of Columbia, Europe, Cuba, Puerto Rico, the Azores, Bahrain and Egypt. It operates supermarkets, primarily under the banners of Family Fare Supermarkets, No Frills, Bag ‘n Save and Econofoods. SpartanNash Co., formerly known as Spartan Stores, Inc., is headquartered in United States.”

The institutional sentiment decreased to 1.24 in Q2 2015. Its down 0.05, from 1.29 in 2015Q1. The ratio dropped, as 12 funds sold all SpartanNash Co shares owned while 64 reduced positions. 33 funds bought stakes while 61 increased positions. They now own 31.34 million shares or 3.48% more from 30.29 million shares in 2015Q1.

Private Capital Management Llc holds 3.51% of its portfolio in SpartanNash Co for 1.01 million shares. Opus Capital Group Llc owns 212,354 shares or 1.08% of their US portfolio. Moreover, Lombardia Capital Partners Llc has 0.68% invested in the company for 614,656 shares. The Us-based Ancora Advisors Llc has invested 0.66% in the stock. Palisade Capital Management Llc Nj, a New Jersey-based fund reported 634,482 shares.

Since March 9, 2015, the stock had 0 insider purchases, and 11 insider sales for $3.24 million net activity. Gambino Frank sold 7,676 shares worth $207,252. Deyonker Alex J sold 6,000 shares worth $166,500. Mahoney Kathleen M sold 15,000 shares worth $412,650. Brunot Edward L sold 13,498 shares worth $367,821. The insider Adornato Theodore sold 8,800 shares worth $241,912.

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