i-80 Gold (NYSE:IAUX) Shares Up 7.3% - Still a Buy?

Key Points

• i-80 Gold Corp.'s share price rose 7.3%, reaching $0.91, despite a 14% decline in trading volume compared to its average session volume.
• Wall Street analysts have adjusted their price targets for the stock, with Scotiabank and Royal Bank of Canada both reducing their targets to $1.50.
• Institutional investors hold a significant stake in i-80 Gold, with 61.31% of the stock owned by various hedge funds and investment firms.

i-80 Gold Corp. (NYSE:IAUX - Get Free Report)'s share price traded up 7.3% during mid-day trading on Wednesday . The stock traded as high as $0.91 and last traded at $0.91. 5,005,026 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 5,849,776 shares. The stock had previously closed at $0.85.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Scotiabank decreased their price target on shares of i-80 Gold from $2.25 to $1.50 and set a "sector outperform" rating on the stock in a research report on Monday, June 2nd. Royal Bank Of Canada decreased their price target on shares of i-80 Gold from $2.00 to $1.50 and set an "outperform" rating on the stock in a research report on Monday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1.50.

i-80 Gold Stock Performance

The company has a current ratio of 0.33, a quick ratio of 0.22 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $762.27 million, a PE ratio of -2.59 and a beta of 1.21. The firm's 50-day simple moving average is $0.68 and its two-hundred day simple moving average is $0.64.

Hedge Funds Weigh In On i-80 Gold

Several institutional investors and hedge funds have recently modified their holdings of the stock. Pale Fire Capital SE grew its holdings in shares of i-80 Gold by 25.2% during the 2nd quarter. Pale Fire Capital SE now owns 21,263,656 shares of the company's stock valued at $12,724,000 after acquiring an additional 4,282,561 shares in the last quarter. Sprott Inc. grew its holdings in shares of i-80 Gold by 15.0% during the 1st quarter. Sprott Inc. now owns 19,700,922 shares of the company's stock valued at $11,633,000 after acquiring an additional 2,575,661 shares in the last quarter. Equinox Partners Investment Management LLC purchased a new position in shares of i-80 Gold during the 2nd quarter valued at $6,909,000. Trek Financial LLC grew its holdings in shares of i-80 Gold by 57.0% during the 2nd quarter. Trek Financial LLC now owns 10,669,817 shares of the company's stock valued at $6,385,000 after acquiring an additional 3,871,784 shares in the last quarter. Finally, Monaco Asset Management SAM purchased a new position in shares of i-80 Gold during the 2nd quarter valued at $6,503,000. 61.31% of the stock is currently owned by hedge funds and other 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.