Banyan Gold (CVE:BYN) Stock Price Down 13.2% - Here's Why

Key Points

• Banyan Gold stock traded down 13.2% on Tuesday to C$1.42 (previous close C$1.63) on heavy volume of 2,169,860 shares, a ~125% increase versus average session volume.
• Despite the drop, Canaccord Genuity upgraded the shares to a strong-buy, and the consensus average rating is Strong Buy with an average target price of C$2.25.
• Banyan is a gold and silver explorer with a market cap of C$604.65 million and major Yukon projects including AurMac, Hyland and Nitra.

Banyan Gold Corp. (CVE:BYN - Get Free Report)'s stock price traded down 13.2% during trading on Tuesday . The stock traded as low as C$1.37 and last traded at C$1.42. 2,169,860 shares traded hands during mid-day trading, an increase of 125% from the average session volume of 966,044 shares. The stock had previously closed at C$1.63.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group raised shares of Banyan Gold from a "moderate buy" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Banyan Gold has an average rating of "Strong Buy" and an average target price of C$2.25.

Banyan Gold Price Performance

The company has a market cap of C$604.65 million, a price-to-earnings ratio of -365.00 and a beta of 2.36. The stock has a 50-day moving average price of C$1.28 and a 200 day moving average price of C$1.07.

Banyan Gold Company Profile

Banyan Gold Corp. engages in the exploration and development of precious metals. The company explores for gold and silver deposits. It holds 100% interest in the AurMac project that consists of 506 quartz mineral claims covering an area of approximately 9,230 hectares located in the Mayo Mining District, Yukon Territory; Hyland gold project comprises of 927 quartz mineral claims covering an area of totaling 18,620 hectares located in the Watson Lake Mining District, Yukon Territory; and Nitra gold project, which consists of 1,442 claims covering an area of approximately 296 square kilometers located in the Mayo Mining District, Yukon Territory.

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