Banyan Gold (CVE:BYN) Shares Up 0.6% - Time to Buy?

Key Points

• Banyan Gold shares rose 0.6% to C$1.67, with trading volume about 45% below its average daily level.
• Analysts remain bullish: the stock has an average “Buy” rating and a consensus price target of C$2.81, well above its current price.
• Insiders have sold 170,000 shares worth approximately C$251,400 over the past 90 days, while insiders retain a 17.73% ownership stake.

Banyan Gold Corp. (CVE:BYN - Get Free Report)'s stock price shot up 0.6% during trading on Wednesday. The stock traded as high as C$1.68 and last traded at C$1.67. Approximately 462,698 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 839,744 shares. The stock had previously closed at C$1.66.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Scotiabank set a C$3.00 price target on shares of Banyan Gold and gave the stock an "outperform" rating in a research report on Monday, September 14th. National Bank Financial set a C$3.00 price objective on shares of Banyan Gold and gave the company an "outperform" rating in a research note on Wednesday, September 30th. Finally, Desjardins raised shares of Banyan Gold to a "moderate buy" rating in a report on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of C$2.81.

Banyan Gold Price Performance

The business has a 50-day moving average of C$1.88 and a two-hundred day moving average of C$1.58. The company has a market cap of C$790.07 million, a P/E ratio of -417.50 and a beta of 2.74.

Insider Buying and Selling

In other Banyan Gold news, Director David Rutt sold 60,000 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of C$1.43, for a total value of C$85,800.00. Following the completion of the transaction, the director directly owned 2,864,224 shares in the company, valued at approximately C$4,095,840.32. The trade was a 2.05% decrease in their ownership of the stock. Insiders have sold 170,000 shares of company stock valued at $251,400 in the last ninety days. Insiders own 17.73% of the company's stock.

Banyan Gold Company Profile

Banyan Gold Corp. engages in the exploration and development of precious metals. The company explores for gold and silver deposits. It holds 100% interest in the AurMac project that consists of 506 quartz mineral claims covering an area of approximately 9,230 hectares located in the Mayo Mining District, Yukon Territory; Hyland gold project comprises of 927 quartz mineral claims covering an area of totaling 18,620 hectares located in the Watson Lake Mining District, Yukon Territory; and Nitra gold project, which consists of 1,442 claims covering an area of approximately 296 square kilometers located in the Mayo Mining District, Yukon Territory.

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