Canagold Resources (TSE:CCM) Trading Up 21.4% - Should You Buy?

Key Points

• Canagold's shares surged 21.4% on Friday to C$0.51 (intraday high C$0.53) with roughly 109,927 shares traded, about 41% above average volume.
• Atrium Research upgraded the stock to a "strong-buy", and MarketBeat's aggregated rating currently shows an average of "Strong Buy" (from one analyst).
• The company is advancing its flagship New Polaris gold project to feasibility with a fully funded work program; however, market cap is C$110.95M, PE is -52 and liquidity is tight (current ratio 0.81), so project progress comes with valuation and balance-sheet risks.

Canagold Resources Ltd. (TSE:CCM - Get Free Report)'s stock price was up 21.4% during trading on Friday . The stock traded as high as C$0.53 and last traded at C$0.51. Approximately 109,927 shares were traded during mid-day trading, an increase of 41% from the average daily volume of 77,724 shares. The stock had previously closed at C$0.42.

Analyst Upgrades and Downgrades

Separately, Atrium Research raised shares of Canagold Resources to a "strong-buy" rating in a research report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the company has an average rating of "Strong Buy".

Canagold Resources Stock Performance

The company's 50-day moving average price is C$0.57 and its 200 day moving average price is C$0.52. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.61 and a current ratio of 0.81. The stock has a market capitalization of C$110.95 million, a PE ratio of -52.00 and a beta of 0.84.

Canagold Resources Company Profile

Canagold owns a portfolio of Gold and Silver projects located in North America. The company's flagship asset is New Polaris - an advanced and past-producing, high-grade gold project in northern British Columbia, Canada. The company has a fully funded work program underway at New Polaris, and is currently advancing the project to feasibility status. CanaGold is managed by an experienced team with a strong track record of exploration, development and finance.

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