Lundin Gold (TSE:LUG) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. has increased its target price for Lundin Gold from C$16.00 to C$28.00, indicating a potential downside of 69.75% from the previous close.
• Multiple analysts have provided mixed reviews, with Canaccord Genuity raising their target price to C$78.00, while National Bankshares adjusted their rating from "outperform" to "sector perform".
• Insiders have been selling shares recently, with notable sales by Sheila Margaret Colman and Chester See, ultimately decreasing their ownership stakes significantly.

Lundin Gold (TSE:LUG - Get Free Report) had its target price increased by stock analysts at JPMorgan Chase & Co. from C$16.00 to C$28.00 in a report released on Friday,BayStreet.CA reports. JPMorgan Chase & Co.'s price objective points to a potential downside of 69.75% from the company's previous close.

Other equities research analysts have also recently issued research reports about the stock. Canaccord Genuity Group lifted their target price on shares of Lundin Gold from C$60.00 to C$78.00 in a research note on Thursday, October 2nd. National Bankshares cut shares of Lundin Gold from an "outperform" rating to a "sector perform" rating and upped their target price for the company from C$67.75 to C$89.00 in a research report on Tuesday, June 24th. National Bank Financial lowered shares of Lundin Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 23rd. CIBC boosted their price target on shares of Lundin Gold from C$85.00 to C$116.00 in a research note on Friday. Finally, BMO Capital Markets upped their target price on shares of Lundin Gold from C$93.00 to C$104.00 in a research note on Thursday. Eleven analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of C$68.54.

Lundin Gold Stock Performance

Lundin Gold stock traded down C$1.78 during trading on Friday, reaching C$92.57. The company had a trading volume of 536,101 shares, compared to its average volume of 767,752. The firm's 50-day simple moving average is C$84.83 and its 200 day simple moving average is C$69.39. Lundin Gold has a 1-year low of C$29.42 and a 1-year high of C$99.18. The firm has a market capitalization of C$22.34 billion, a PE ratio of 36.44 and a beta of 1.26.

Insider Buying and Selling at Lundin Gold

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

Lundin Gold Company Profile

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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