SolGold (LON:SOLG) Hits New 52-Week High - Time to Buy?

Key Points

• SolGold shares hit a new 52-week high at GBX 16.88 ($0.23), with a trading volume of over 8.5 million shares, up from a previous close of GBX 15.70 ($0.21).
• Canaccord Genuity maintains a "speculative buy" rating for SolGold, with a target price of GBX 46, while the average analyst rating remains a “Buy”.
• Insiders have been actively buying shares, with transactions totaling 185,842 shares valued at approximately $1.86 million in the last three months.

Shares of SolGold Plc (LON:SOLG - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as GBX 16.88 ($0.23) and last traded at GBX 16.66 ($0.22), with a volume of 8574377 shares trading hands. The stock had previously closed at GBX 15.70 ($0.21).

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group reiterated a "speculative buy" rating and set a GBX 46 target price on shares of SolGold in a research note on Monday, September 1st. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, SolGold presently has an average rating of "Buy" and an average target price of GBX 46.

SolGold Stock Up 6.1%

The stock's 50-day moving average is GBX 11.04 and its 200-day moving average is GBX 8.36. The stock has a market cap of £499.98 million, a P/E ratio of -1,514.55 and a beta of 1.20. The company has a current ratio of 3.75, a quick ratio of 2.30 and a debt-to-equity ratio of 78.66.

Insider Transactions at SolGold

In related news, insider Paul Smith bought 41,831 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average price of GBX 10 per share, for a total transaction of £4,183.10. In the last three months, insiders have bought 185,842 shares of company stock valued at $1,858,420. Corporate insiders own 4.83% of the company's stock.

About SolGold

SolGold is a leading exploration company focussed on the discovery, definition and development of world-class copper-gold deposits. SolGold has a first mover advantage in Ecuador, a highly prospective yet under-explored section of the Andean Copper Belt, home of multiple Tier 1 copper and gold projects and half of the world's copper resources.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.