SolGold (LON:SOLG) Sets New 52-Week High - Here's Why

Key Points

• SolGold's share price reached a new 52-week high of GBX 17.18 ($0.23) during trading, with a strong trading volume of over 49 million shares.
• Canaccord Genuity Group has set a price target of GBX 46 and reaffirmed a "speculative buy" rating, while the stock has an overall consensus rating of "Buy."
• Insiders have shown confidence in the company by purchasing 185,842 shares valued at approximately $1.86 million over the last three months.

SolGold Plc (LON:SOLG - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The stock traded as high as GBX 17.18 ($0.23) and last traded at GBX 17.04 ($0.23), with a volume of 49844207 shares. The stock had previously closed at GBX 16.42 ($0.22).

Wall Street Analysts Forecast Growth

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

SolGold Price Performance

The company has a market cap of £513.49 million, a P/E ratio of -1,555.45 and a beta of 1.20. The company has a fifty day moving average price of GBX 11.97 and a two-hundred day moving average price of GBX 8.70. The company has a debt-to-equity ratio of 78.66, a quick ratio of 2.30 and a current ratio of 3.75.

Insider Buying and Selling at SolGold

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

SolGold Company Profile

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.

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