Freedom Broker Forecasts Strong Price Appreciation for i-80 Gold (NYSE:IAUX) Stock

Key Points

• Freedom Broker raised its price target for i-80 Gold from $2.80 to $2.90 and maintained a “buy” rating, implying approximately 100% upside from the prior close.
• IAUX shares fell to $1.45, while the company reported a 12-month trading range of $0.89 to $2.24 and relatively weak liquidity ratios, including a 0.33 current ratio and 0.22 quick ratio.
• Institutional investors own 61.31% of i-80 Gold; several firms recently initiated or increased positions, although a company director sold 19,231 shares.

i-80 Gold (NYSE:IAUX - Get Free Report) had its price objective hoisted by equities research analysts at Freedom Broker from $2.80 to $2.90 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. Freedom Broker's price objective would indicate a potential upside of 100.00% from the stock's previous close.

i-80 Gold Stock Performance

IAUX stock traded down $0.05 on Thursday, hitting $1.45. The company had a trading volume of 10,797,091 shares, compared to its average volume of 11,687,599. i-80 Gold has a 12-month low of $0.89 and a 12-month high of $2.24. The company has a current ratio of 0.33, a quick ratio of 0.22 and a debt-to-equity ratio of 0.19. The stock's 50-day simple moving average is $1.69 and its 200 day simple moving average is $1.57. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -4.03 and a beta of 1.23.

Insider Buying and Selling at i-80 Gold

In other i-80 Gold news, Director John Begeman sold 19,231 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $1.74, for a total value of $33,461.94. Following the completion of the transaction, the director directly owned 827,354 shares in the company, valued at $1,439,595.96. This represents a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.42% of the stock is currently owned by insiders.

Institutional Investors Weigh In On i-80 Gold

Several institutional investors and hedge funds have recently modified their holdings of IAUX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in i-80 Gold by 172,838.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 838,752 shares of the company's stock valued at $1,208,000 after purchasing an additional 838,267 shares in the last quarter. Renaissance Technologies LLC bought a new position in i-80 Gold during the first quarter valued at $3,254,000. The Manufacturers Life Insurance Company bought a new position in i-80 Gold during the first quarter valued at $1,132,000. JGP Global Gestao de Recursos Ltda. purchased a new position in shares of i-80 Gold in the 3rd quarter worth $9,960,000. Finally, McAlvany Wealth Management LLC purchased a new position in shares of i-80 Gold in the 1st quarter worth $3,536,000. Institutional investors own 61.31% of the company's stock.

i-80 Gold Company Profile

i-80 Gold Corp. is a Canada-based mining company focused on the exploration, development and potential production of gold and other precious metals in Nevada. The company's portfolio includes several advanced-stage projects and processing facilities in one of the world's major gold-producing regions.

Its principal assets include the Ruby Hill, Granite Creek, McCoy-Cove and Lone Tree properties. These projects contain gold resources as well as opportunities for additional exploration and development.

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