Some Traders Are Very Bearish on Marine Products Corp. After Today’s Gap Down

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The stock of Marine Products Corp. (NYSE:MPX) gapped down by $0.01 today and has $5.38 target or 13.00% below today’s $6.18 share price. The 7 months technical chart setup indicates high risk for the $257.04 million company. The gap down was reported on Dec, 12 by If the $5.38 price target is reached, the company will be worth $33.42M 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 8.31% or $0.56 on December 11, hitting $6.18. About 17,192 shares traded hands or 120.04% up from the average. Marine Products Corp. (NYSE:MPX) has declined 8.04% since May 11, 2015 and is downtrending. It has underperformed by 3.62% the S&P500.

According to Zacks Investment Research, “MARINE PRODUCTS is the third-largest distributor of sterndrive powerboats in the U.S. The company designs, manufactures and distributes premium-branded Chaparral sterndrive pleasure boats and Robalo outboard offshore fishing boats, and continues to diversify its product line through product innovation and strategic acquisition. With premium brands and a solid capital structure, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value.” Get a free copy of the Zacks research report on Marine Products Corp. (MPX).

The institutional sentiment increased to 1.05 in 2015 Q3. Its up 0.10, from 0.95 in 2015Q2. The ratio improved, as 4 funds sold all Marine Products Corp. shares owned while 18 reduced positions. 7 funds bought stakes while 16 increased positions. They now own 7.30 million shares or 6.64% less from 7.82 million shares in 2015Q2.

Teton Advisors Inc. holds 0.77% of its portfolio in Marine Products Corp. for 1.46 million shares. Schwerin Boyle Capital Management Inc owns 172,500 shares or 0.17% of their US portfolio. Moreover, Gamco Investors Inc. Et Al has 0.11% invested in the company for 2.31 million shares. The Georgia-based Spectrum Advisory Services Inc has invested 0.04% in the stock. Synovus Financial Corp, a Georgia-based fund reported 206,203 shares.

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