i-80 Gold (NYSE:IAUX) Shares Down 7.8% - Here's Why

Key Points

• i-80 Gold shares fell 7.8% to $1.485, with roughly 11.8 million shares traded. The decline put the stock below its 50-day moving average of $1.69 but still near its 200-day average of $1.56.
• Director John Begeman sold 19,231 shares at an average price of $1.74, reducing his holdings by 2.27%; company insiders own 1.42% of the stock.
• Institutional ownership remains substantial at 61.31%, with Tidal Investments more than doubling its position in the second quarter. i-80 Gold is focused on developing gold projects in Nevada, including Ruby Hill, Granite Creek, McCoy-Cove and Lone Tree.

i-80 Gold Corp. (NYSE:IAUX - Get Free Report) shares were down 7.8% on Wednesday. The stock traded as low as $1.4650 and last traded at $1.4850. Approximately 11,784,926 shares traded hands during trading, a decline of 1% from the average daily volume of 11,935,056 shares. The stock had previously closed at $1.61.

i-80 Gold Price Performance

The company's 50-day simple moving average is $1.69 and its 200 day simple moving average is $1.56. The company has a market capitalization of $1.29 billion, a P/E ratio of -4.12 and a beta of 1.23. The company has a quick ratio of 0.22, a current ratio of 0.33 and a debt-to-equity ratio of 0.19.

Insiders Place Their Bets

In other i-80 Gold news, Director John Begeman sold 19,231 shares of the business's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $1.74, for a total value of $33,461.94. Following the completion of the sale, the director owned 827,354 shares of the company's stock, valued at $1,439,595.96. The trade was a 2.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.42% of the stock is currently owned by company insiders.

Institutional Trading of i-80 Gold

A number of institutional investors and hedge funds have recently modified their holdings of the company. Tidal Investments LLC grew its position in shares of i-80 Gold by 123.1% in the second quarter. Tidal Investments LLC now owns 18,662,686 shares of the company's stock valued at $26,874,000 after purchasing an additional 10,298,143 shares during the last quarter. Engineers Gate Manager LP bought a new stake in i-80 Gold during the 2nd quarter valued at approximately $81,000. Groupe la Francaise grew its holdings in i-80 Gold by 1.8% in the 2nd quarter. Groupe la Francaise now owns 5,600,000 shares of the company's stock valued at $8,137,000 after buying an additional 100,000 shares during the last quarter. HB Wealth Management LLC acquired a new position in shares of i-80 Gold during the second quarter worth approximately $73,000. Finally, Two Sigma Securities LLC bought a new stake in shares of i-80 Gold in the second quarter valued at approximately $43,000. 61.31% of the stock is currently owned by institutional investors and hedge funds.

i-80 Gold Company Profile

i-80 Gold Corp. is a Canadian mining company focused on the exploration, development and production of gold and other precious metals in Nevada. The company's portfolio includes advanced-stage projects and exploration properties located within established gold-producing trends in the state.

Its principal assets include the Ruby Hill, Granite Creek, McCoy-Cove and Lone Tree projects. These properties contain underground and open-pit mineralization, while the company is also evaluating processing and infrastructure options intended to support future production.

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