Raymond James Financial Issues Positive Forecast for Lundin Gold (TSE:LUG) Stock Price

Key Points

• Raymond James Financial raised its price target for Lundin Gold stock from C$65.00 to C$80.00, indicating a potential downside of 13.58% from the company's previous close.
• Several other financial institutions have also updated their ratings and price targets, with BMO Capital Markets setting the highest target at C$104.00.
• Insider selling includes significant transactions by executives, with one selling 14,600 shares for about C$1.19 million, indicating some insider profit-taking.

Lundin Gold (TSE:LUG - Get Free Report) had its price target raised by Raymond James Financial from C$65.00 to C$80.00 in a note issued to investors on Friday,BayStreet.CA reports. Raymond James Financial's price target would suggest a potential downside of 13.58% from the company's previous close.

LUG has been the subject of several other reports. Canaccord Genuity Group lifted their price target on shares of Lundin Gold from C$60.00 to C$78.00 in a report on Thursday, October 2nd. Desjardins lowered shares of Lundin Gold from a "moderate buy" rating to a "hold" rating and lifted their price target for the company from C$62.00 to C$70.00 in a report on Thursday, July 17th. TD Securities lowered shares of Lundin Gold from a "strong-buy" rating to a "hold" rating and lifted their price target for the company from C$65.00 to C$73.00 in a report on Wednesday, July 16th. National Bankshares lowered shares of Lundin Gold from an "outperform" rating to a "sector perform" rating and lifted their price target for the company from C$67.75 to C$89.00 in a report on Tuesday, June 24th. Finally, BMO Capital Markets lifted their price target on shares of Lundin Gold from C$93.00 to C$104.00 in a report on Thursday. Eleven investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of C$68.54.

Lundin Gold Trading Down 1.9%

LUG stock traded down C$1.78 during mid-day trading on Friday, hitting C$92.57. 536,101 shares of the company were exchanged, compared to its average volume of 767,752. Lundin Gold has a twelve month low of C$29.42 and a twelve month high of C$99.18. The firm has a fifty day simple moving average of C$84.83 and a 200 day simple moving average of C$69.39. The company 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

In related news, insider Sheila Margaret Colman sold 14,600 shares of the business's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of C$81.49, for a total value of C$1,189,754.00. Following the sale, the insider directly owned 37,068 shares in the company, valued at C$3,020,671.32. The trade was a 28.26% decrease in their position. Also, insider Chester See sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of C$83.30, for a total transaction of C$1,666,000.00. Following the completion of the sale, the insider owned 132,571 shares in the company, valued at C$11,043,164.30. The trade was a 13.11% decrease in their ownership of the stock. 58.72% of the stock is owned by 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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