Lundin Gold (TSE:LUG) Price Target Raised to C$116.00 at CIBC

Key Points

• CIBC has raised Lundin Gold's price target from C$85.00 to C$116.00, indicating a potential upside of 25.31% from the current stock price.
• Other analysts have also revised their targets, with BMO Capital Markets setting a new price of C$104.00 and National Bankshares adjusting it to C$89.00.
• Insider sales were noted, with two executives selling a significant number of shares, reducing their collective ownership by over 28% and 13% respectively.

Lundin Gold (TSE:LUG - Get Free Report) had its target price increased by equities research analysts at CIBC from C$85.00 to C$116.00 in a report issued on Friday,BayStreet.CA reports. CIBC's price target would suggest a potential upside of 25.31% from the stock's current price.

Several other equities research analysts have also issued reports on the stock. BMO Capital Markets lifted their price target on shares of Lundin Gold from C$93.00 to C$104.00 in a report on Thursday. National Bankshares downgraded shares of Lundin Gold from an "outperform" rating to a "sector perform" rating and boosted their target price for the company from C$67.75 to C$89.00 in a research report on Tuesday, June 24th. Raymond James Financial upped their price objective on shares of Lundin Gold from C$65.00 to C$80.00 in a report on Friday. TD Securities downgraded shares of Lundin Gold from a "strong-buy" rating to a "hold" rating and upped their price objective for the stock from C$65.00 to C$73.00 in a report on Wednesday, July 16th. Finally, Canaccord Genuity Group upped their price objective on shares of Lundin Gold from C$60.00 to C$78.00 in a report on Thursday, October 2nd. Eleven analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Lundin Gold presently has a consensus rating of "Reduce" and an average price target of C$68.54.

Lundin Gold Price Performance

LUG stock traded down C$1.78 during trading hours on Friday, reaching C$92.57. The stock had a trading volume of 536,101 shares, compared to its average volume of 767,752. The stock has a 50-day simple moving average of C$84.83 and a 200 day simple moving average of C$69.39. The stock has a market capitalization of C$22.34 billion, a PE ratio of 36.44 and a beta of 1.26. Lundin Gold has a fifty-two week low of C$29.42 and a fifty-two week high of C$99.18.

Insider Activity at Lundin Gold

In related news, insider Sheila Margaret Colman sold 14,600 shares of Lundin Gold stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of C$81.49, for a total value of C$1,189,754.00. Following the sale, the insider owned 37,068 shares in the company, valued at C$3,020,671.32. The trade was a 28.26% decrease in their ownership of the stock. Also, insider Chester See sold 20,000 shares of the business's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of C$83.30, for a total transaction of C$1,666,000.00. Following the sale, the insider owned 132,571 shares in the company, valued at approximately C$11,043,164.30. This trade represents a 13.11% decrease in their position. 58.72% of the stock is currently owned by company insiders.

About Lundin Gold

Lundin Gold Inc is a Canada based company focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador. The Fruta del Norte deposit is located within a 150 km long copper-gold metallogenic sub-province located in the Cordillera del Condor region in southeastern Ecuador.

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