i-80 Gold (NYSE:IAUX) Shares Up 5% - Should You Buy?

Key Points

• i-80 Gold Corp. shares rose by 5% amid trading, reaching a last price of $0.84, despite a significant drop in trading volume by 78%.
• Wall Street analysts have given the stock a consensus rating of "Moderate Buy" with a revised target price of $1.50 after reductions from previous estimates.
• Hedge funds are increasingly involved with the company, with 61.31% of the stock held by institutional investors, indicating growing institutional confidence.

Shares of i-80 Gold Corp. (NYSE:IAUX - Get Free Report) were up 5% on Tuesday . The company traded as high as $0.83 and last traded at $0.84. Approximately 1,287,371 shares were traded during trading, a decline of 78% from the average daily volume of 5,856,479 shares. The stock had previously closed at $0.80.

Wall Street Analyst Weigh In

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

i-80 Gold Price Performance

The stock has a market capitalization of $693.56 million, a P/E ratio of -2.36 and a beta of 1.21. 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 stock has a 50-day simple moving average of $0.66 and a 200 day simple moving average of $0.64.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IAUX. Maia Wealth LLC bought a new position in i-80 Gold in the 2nd quarter valued at $25,000. Banco BTG Pactual S.A. bought a new position in shares of i-80 Gold in the 2nd quarter worth $25,000. Clear Harbor Asset Management LLC boosted its position in shares of i-80 Gold by 48.5% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 53,655 shares of the company's stock worth $32,000 after purchasing an additional 17,533 shares during the last quarter. McAdam LLC boosted its position in shares of i-80 Gold by 81.8% in the 2nd quarter. McAdam LLC now owns 53,422 shares of the company's stock worth $32,000 after purchasing an additional 24,040 shares during the last quarter. Finally, Stonebrook Private Inc. boosted its position in shares of i-80 Gold by 80.3% in the 2nd quarter. Stonebrook Private Inc. now owns 61,737 shares of the company's stock worth $37,000 after purchasing an additional 27,502 shares during the last quarter. 61.31% of the stock is currently owned by institutional investors.

i-80 Gold Company Profile

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.