Price Action To Observe: Is Envirostar Inc’s Fuel Running High? The Stock Just Gapped Up

Price Action To Observe: Is Envirostar Inc's Fuel Running High? The Stock Just Gapped Up

The stock of Envirostar Inc (NYSEMKT:EVI) gapped up by $0.04 today and has $25.04 target or 177.00% above today’s $9.04 share price. The 9 months technical chart setup indicates low risk for the $71.00M company. The gap was reported on Oct, 4 by Barchart.com. If the $25.04 price target is reached, the company will be worth $125.67M 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 increased 10.78% or $0.88 on October 3, hitting $9.04. About 89,176 shares traded hands or 207.25% up from the average. Envirostar Inc (NYSEMKT:EVI) has risen 175.99% since March 1, 2016 and is uptrending. It has outperformed by 163.77% the S&P500.

According to Zacks Investment Research, “EnviroStar, Inc., through its main subsidiary Steiner-Atlantic Corp., distributes industrial boilers, commercial laundry and dry cleaning equipment, parts and technical service in the United States, the Caribbean and Latin America. Their products include their proprietary lines of machines under the Aero-Tech, Multi-Jet and Green Jet brand names as well as brands such as MILNOR, CHICAGO, ADC, CLEAVER-BROOKS, FULTON, IPSO, CISSELL, UNION, REMA, INGERSOLL-RAND, UNIPRESS, FORENTA, and WHITE. The Company seeks to establish customer satisfaction by offering: design and layout assistance with their in-house architectural design services; competitive pricing; comprehensive equipment, parts and accessories; full-service delivery, rigging, startup, training and preventive maintenance programs; full-service staff with toll-free support line to resolve customer service and technical issues. The Company emphasizes on sales of environmentally safe and efficient equipment into various commercial and industrial markets.”

More important recent Envirostar Inc (NYSEMKT:EVI) news were published by: Finance.Yahoo.com which released: “EnviroStar, Inc. Announces Year End Results” on September 19, 2016, also Businesswire.com published article titled: “EnviroStar, Inc. Announces a Change in Control”, Businesswire.com published: “EnviroStar, Inc. Appoints a New Director” on May 18, 2015. More interesting news about Envirostar Inc (NYSEMKT:EVI) was released by: Seekingalpha.com and their article: “EVI Triples Its Size With WSD Acquisition; Post Deal Analysis” with publication date: September 16, 2016.

EVI Company Profile

EnviroStar, Inc., incorporated on June 13, 1963, through its subsidiary, Steiner-Atlantic Corp., distributes commercial and industrial laundry and dry cleaning equipment, and steam and hot water boilers manufactured by others; supplies replacement parts and accessories and provides maintenance services to its customers, and creates and plans laundry, dry cleaning and boiler systems for its institutional, retail, industrial and commercial customers. The Company, through its subsidiary, DRYCLEAN USA License Corp. owns rights to the name DRYCLEAN USA, which it franchises and licenses to retail drycleaners in the United States, the Caribbean and Latin America. The Company’s divisions include Commercial and industrial laundry and dry cleaning equipment and boilers, and license and franchise operations. Steiner-Atlantic Corp. sells its products in the United States, the Caribbean and Latin American markets.

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