iGate Tanking in Early Trading

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.

Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!

About Ron Haruni 1067 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

Be the first to comment

Leave a Reply

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.