Pan African Resources (LON:PAF) Reaches New 52-Week High - Time to Buy?

Key Points

• Pan African Resources PLC reached a new 52-week high at GBX 94.20 ($1.26) amid mid-day trading, indicating strong market interest with a volume of 172,521,547 shares traded.
• Berenberg Bank has raised the company's price target from GBX 83 to GBX 112 and maintains a "buy" rating, contributing to the current consensus rating of "Buy".
• Despite positive trading performance, insider Cobus Loots sold 200,000 shares at an average price of GBX 87, highlighting some insider selling activity.

Pan African Resources PLC (LON:PAF - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as GBX 94.20 ($1.26) and last traded at GBX 94 ($1.25), with a volume of 172521547 shares. The stock had previously closed at GBX 89 ($1.19).

Wall Street Analyst Weigh In

Separately, Berenberg Bank raised their price objective on Pan African Resources from GBX 83 to GBX 112 and gave the stock a "buy" rating in a research note on Tuesday, October 7th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of GBX 112.

Pan African Resources Trading Up 5.7%

The company has a current ratio of 0.78, a quick ratio of 0.74 and a debt-to-equity ratio of 35.80. The firm has a market cap of £1.91 billion, a PE ratio of 1,314.25, a price-to-earnings-growth ratio of 8.95 and a beta of 0.89. The company has a 50-day simple moving average of GBX 74.07 and a 200 day simple moving average of GBX 56.76.

Insider Buying and Selling at Pan African Resources

In other news, insider Cobus Loots sold 200,000 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of GBX 87, for a total transaction of £174,000. Company insiders own 2.15% of the company's stock.

About Pan African Resources

Pan African is an African-focused mid-tier gold producer, with annual production capacity of over 200,000 oz/year from long-life (+20 years) underground mines in the prolific Witwatersrand Basin and the Barberton Greenstone Belt, as well as from low-cost high-margin environmentally remediating surface remining operations.

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