Dakota Gold (NYSE:DC) Shares Gap Up - Here's Why

Key Points

• Dakota Gold Corp. shares opened at $4.80 after previously closing at $4.57, with a subsequent trade at $4.95, indicating strong market interest.
• Research firms have set optimistic price targets for Dakota Gold, with Canaccord Genuity forecasting $12.00 and BMO Capital Markets raising its target to $9.00, reflecting a consensus rating of "Buy."
• Institutional investors have increased their stake in Dakota Gold significantly, with some firms like Bank of America and Two Sigma Investments raising their positions by over 50% in the last quarter.

Dakota Gold Corp. (NYSE:DC - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $4.57, but opened at $4.80. Dakota Gold shares last traded at $4.95, with a volume of 278,568 shares traded.

Wall Street Analysts Forecast Growth

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

Dakota Gold Stock Up 9.3%

The firm has a fifty day moving average price of $4.08 and a 200 day moving average price of $3.43. The company has a market cap of $561.16 million, a P/E ratio of -12.18 and a beta of 1.13.

Institutional Investors Weigh In On Dakota Gold

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE raised its position in Dakota Gold by 54.7% in the 4th quarter. Bank of America Corp DE now owns 55,912 shares of the company's stock valued at $123,000 after buying an additional 19,760 shares during the last quarter. Two Sigma Investments LP grew its stake in Dakota Gold by 348.7% in the fourth quarter. Two Sigma Investments LP now owns 116,429 shares of the company's stock valued at $256,000 after purchasing an additional 90,483 shares in the last quarter. Squarepoint Ops LLC grew its stake in Dakota Gold by 122.1% in the fourth quarter. Squarepoint Ops LLC now owns 116,128 shares of the company's stock valued at $255,000 after purchasing an additional 63,830 shares in the last quarter. Millennium Management LLC grew its stake in Dakota Gold by 87.4% in the fourth quarter. Millennium Management LLC now owns 31,717 shares of the company's stock valued at $70,000 after purchasing an additional 14,790 shares in the last quarter. Finally, Nuveen LLC bought a new position in Dakota Gold in the first quarter valued at approximately $738,000. Institutional investors and hedge funds own 37.41% of the company's stock.

About Dakota Gold

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.

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