Dakota Gold (NYSE:DC) Shares Down 5.4% - Here's What Happened

Key Points

• Dakota Gold shares experienced a decline of 5.4% on Tuesday, trading at approximately $4.64, compared to a previous close of $4.90.
• Brokerages like Canaccord Genuity and BMO Capital Markets have set price targets for Dakota Gold at $12.00 and $9.00 respectively, indicating a positive outlook for the stock.
• Institutional investors and hedge funds own approximately 37.41% of Dakota Gold's stock, with significant recent purchases from firms like Franklin Resources and Euro Pacific Asset Management.

Dakota Gold Corp. (NYSE:DC - Get Free Report)'s stock price was down 5.4% on Tuesday . The company traded as low as $4.63 and last traded at $4.64. Approximately 577,776 shares changed hands during trading, a decline of 6% from the average daily volume of 617,765 shares. The stock had previously closed at $4.90.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on DC shares. BMO Capital Markets reiterated an "outperform" rating and set a $9.00 target price (up from $7.50) on shares of Dakota Gold in a research report on Thursday, July 10th. Canaccord Genuity Group set a $12.00 target price on Dakota Gold in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $10.50.

Dakota Gold Stock Up 4.4%

The company has a 50-day moving average price of $4.18 and a two-hundred day moving average price of $3.51. The company has a market capitalization of $535.88 million, a PE ratio of -11.63 and a beta of 1.13.

Hedge Funds Weigh In On Dakota Gold

A number of institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. increased its stake in Dakota Gold by 2.9% in the 2nd quarter. Franklin Resources Inc. now owns 2,520,000 shares of the company's stock worth $9,299,000 after acquiring an additional 70,000 shares during the last quarter. Euro Pacific Asset Management LLC increased its stake in Dakota Gold by 15.6% in the 2nd quarter. Euro Pacific Asset Management LLC now owns 2,318,912 shares of the company's stock worth $8,585,000 after acquiring an additional 313,162 shares during the last quarter. Geode Capital Management LLC increased its stake in Dakota Gold by 20.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,850,272 shares of the company's stock worth $6,829,000 after acquiring an additional 316,043 shares during the last quarter. Vestcor Inc increased its stake in Dakota Gold by 36.5% in the 1st quarter. Vestcor Inc now owns 1,511,695 shares of the company's stock worth $4,006,000 after acquiring an additional 404,065 shares during the last quarter. Finally, Trek Financial LLC increased its stake in Dakota Gold by 9.6% in the 2nd quarter. Trek Financial LLC now owns 1,342,641 shares of the company's stock worth $4,954,000 after acquiring an additional 117,596 shares during the last quarter. 37.41% of the stock is currently owned by institutional investors.

Dakota Gold Company Profile

Dakota Gold Corp. engages in the acquisition, exploration, and development of mineral properties in the United States. It primarily explores for gold deposits. The company holds 100% interest in the Blind Gold, City Creek, Tinton, West Corridor, Ragged Top, Poorman Anticline, Maitland, South Lead/ Whistler Gulch, the Barrick Option, Richmond Hill and Homestake Paleoplacer Properties located in Homestake Mining District, South Dakota.