i-80 Gold (NYSE:IAUX) Shares Gap Up - Here's What Happened

Key Points

• i-80 Gold Corp. (NYSE:IAUX) experienced a stock price increase, gapping up from $0.96 to $1.02 in pre-trading, ultimately trading at $1.00.
• Analysts have adjusted their price targets, with Royal Bank of Canada and Scotiabank both setting a new target of $1.50, while the average rating for the stock remains a "Moderate Buy."
• Institutional investors have significantly increased their positions in i-80 Gold, with Bank of America Corp. DE raising its holdings by 151% in the last quarter.

i-80 Gold Corp. (NYSE:IAUX - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $0.96, but opened at $1.02. i-80 Gold shares last traded at $1.00, with a volume of 2,393,521 shares changing hands.

Analysts Set New Price Targets

Several research analysts recently weighed in on IAUX shares. Royal Bank Of Canada dropped their target price on i-80 Gold from $2.00 to $1.50 and set an "outperform" rating on the stock in a research note on Monday, June 2nd. Scotiabank dropped their target price on i-80 Gold from $2.25 to $1.50 and set a "sector outperform" rating on the stock in a research note on Monday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, i-80 Gold presently has an average rating of "Moderate Buy" and a consensus target price of $1.50.

i-80 Gold Trading Up 1.5%

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.22 and a current ratio of 0.33. The company has a 50 day moving average of $0.75 and a two-hundred day moving average of $0.65. The stock has a market cap of $772.43 million, a PE ratio of -2.72 and a beta of 1.21.

Institutional Investors Weigh In On i-80 Gold

A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE lifted its holdings in i-80 Gold by 151.0% in the fourth quarter. Bank of America Corp DE now owns 696,440 shares of the company's stock valued at $338,000 after acquiring an additional 419,025 shares during the last quarter. Citadel Advisors LLC acquired a new position in i-80 Gold during the fourth quarter worth $53,000. Millennium Management LLC acquired a new position in i-80 Gold during the fourth quarter worth $235,000. ProShare Advisors LLC lifted its stake in i-80 Gold by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 89,168 shares of the company's stock worth $43,000 after purchasing an additional 29,339 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in i-80 Gold by 19.7% during the fourth quarter. Mackenzie Financial Corp now owns 178,714 shares of the company's stock worth $86,000 after purchasing an additional 29,386 shares in the last quarter. 61.31% of the stock is currently owned by hedge funds and other institutional investors.

About i-80 Gold

i-80 Gold Corp. is a mining company, engages in the exploration, development and production of gold and silver mineral deposits principally in the United States. i-80 Gold Corp. is based in Reno, Nevada.

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