The stock of Gamco Investors Inc (NYSE:GBL) gapped down by $0.07 today and has $29.66 target or 9.00% below today’s $32.59 share price. The 9 months technical chart setup indicates high risk for the $856.71M company. The gap down was reported on Dec, 12 by Barchart.com. If the $29.66 price target is reached, the company will be worth $77.10 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 decreased 3.01% or $1.01 on December 11, hitting $32.59. About 55,986 shares traded hands or 90.25% up from the average. Gamco Investors Inc (NYSE:GBL) has declined 53.63% since May 11, 2015 and is downtrending. It has underperformed by 49.22% the S&P500.
According to Zacks Investment Research, “GAMCO Investors, Inc., through its subsidiaries, manages assets in private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC) and partnerships and offshore funds (Investment Partnerships).” Get a free copy of the Zacks research report on Gamco Investors Inc (GBL).
The institutional sentiment is 1.26 in 2015 Q3. Its the same as in 2015Q2. The ratio is without change, as 11 funds sold all Gamco Investors Inc shares owned while 23 reduced positions. only 12 funds bought stakes while 31 increased positions. They now own 9.02 million shares or 232.63% more from 2.71 million shares in 2015Q2.
Barr E S & Co holds 3.31% of its portfolio in Gamco Investors Inc for 472,348 shares. S. Muoio & Co. Llc owns 32,765 shares or 0.93% of their US portfolio. Moreover, Marathon Partners Equity Management Llc has 0.65% invested in the company for 27,500 shares. The New York-based Lucus Advisors Llc has invested 0.25% in the stock. Price Michael F, a New York-based fund reported 16,500 shares.
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