iGATE Corporation (IGTE) slumped more than 16 percent to $20.80 in early Monday trading. The equity is sliding to new session lows as ticker continues to experience some accelerated weakness.
Technically speaking, the shares of IGTE are up a whooping 160% on the year. The equity, which has been moving largely higher over the past five months, and currently trading above the 50-day and 200-day moving averages…$20.05, $14.85, respectively, is well above its support located at $18 level, which has held the stock relatively in check since mid-October. Having said that however, the entire $18.00-19.00 supportive zone could be broken, if the intraday downward momo remains in full force.
IGTE currently trades at a trailing P/E of 26.29, a forward multiple of 20.14 and a P/E to growth ratio of 1.36. More than 2.3 million shares have already traded hands compared to a daily average of around 635,000.
At last check [11:11 a.m. EST], iGATE shares were down over $4.00 in trading on the Nasdaq.