Lundin Gold (TSE:LUG) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Key Points

• Canaccord Genuity Group has raised its target price for Lundin Gold from C$60.00 to C$78.00, indicating a potential downside of 13.02% based on the stock's previous close.
• Various analysts have downgraded their ratings for Lundin Gold, with National Bank Financial and TD Securities changing their ratings to "hold" and adjusting their price objectives for the stock.
• Lundin Gold's stock has seen a recent decline, trading down 2.0%, and insiders have started selling shares, indicating possible shifts in investor sentiment.

Lundin Gold (TSE:LUG - Get Free Report) had its target price boosted by investment analysts at Canaccord Genuity Group from C$60.00 to C$78.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. Canaccord Genuity Group's target price indicates a potential downside of 13.02% from the stock's previous close.

Several other equities analysts have also recently commented on the company. National Bank Financial cut Lundin Gold from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 23rd. TD Securities cut 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. Royal Bank Of Canada upped their target price on Lundin Gold from C$50.00 to C$54.00 in a research note on Wednesday, June 4th. Veritas lowered Lundin Gold from a "strong-buy" rating to a "strong sell" rating in a research note on Monday, June 9th. Finally, National Bankshares cut shares of Lundin Gold from an "outperform" rating to a "sector perform" rating and upped their price objective for the company from C$67.75 to C$89.00 in a research note on Tuesday, June 24th. Eleven equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Lundin Gold presently has an average rating of "Reduce" and a consensus price target of C$60.68.

Lundin Gold Stock Down 2.0%

TSE:LUG traded down C$1.82 during mid-day trading on Thursday, hitting C$89.68. 804,592 shares of the stock traded hands, compared to its average volume of 756,223. The business's 50-day moving average price is C$81.31 and its 200 day moving average price is C$67.32. The company has a market cap of C$21.64 billion, a PE ratio of 35.31 and a beta of 1.15. Lundin Gold has a 12-month low of C$29.41 and a 12-month high of C$97.67.

Insider Buying and Selling

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

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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