SolGold (LON:SOLG) Share Price Passes Above 50-Day Moving Average - Here's What Happened

Key Points

• SolGold Plc's share price has surpassed its 50-day moving average, rising to GBX 16.02 ($0.21) during recent trading.
• Canaccord Genuity has maintained a "speculative buy" rating for SolGold with a price target set at GBX 46.
• Insider Paul Smith purchased 41,831 shares of SolGold at an average cost of GBX 10 per share, contributing to a total of 185,842 shares bought by insiders over the last three months.

Shares of SolGold Plc (LON:SOLG - Get Free Report) crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of GBX 14.97 ($0.20) and traded as high as GBX 16.16 ($0.21). SolGold shares last traded at GBX 16.02 ($0.21), with a volume of 10,510,216 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group reiterated a "speculative buy" rating and issued a GBX 46 price objective on shares of SolGold in a report on Monday, September 1st. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of GBX 46.

SolGold Trading Down 2.5%

The company has a debt-to-equity ratio of 78.66, a quick ratio of 2.30 and a current ratio of 3.75. The company has a market cap of £468.77 million, a P/E ratio of -1,301.67 and a beta of 1.20. The stock has a 50-day moving average of GBX 14.97 and a two-hundred day moving average of GBX 9.82.

Insiders Place Their Bets

In related news, insider Paul Smith acquired 41,831 shares of SolGold stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of GBX 10 per share, with a total value of £4,183.10. Over the last three months, insiders purchased 185,842 shares of company stock worth $1,858,420. 4.86% 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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