SolGold (LON:SOLG) Shares Up 19.2% - Still a Buy?

Key Points

• SolGold Plc shares increased by 19.2%, reaching GBX 18.14 ($0.24) after trading volume surged by 317% compared to the average.
• Canaccord Genuity maintains a "speculative buy" rating for SolGold and set a price target of GBX 46, with the consensus rating for the stock currently at "Buy."
• Insiders have purchased 185,842 shares in the past ninety days, indicating confidence in the company's prospects with insiders owning 4.86% of its stock.

SolGold Plc (LON:SOLG - Get Free Report) shares shot up 19.2% during trading on Monday . The company traded as high as GBX 18.20 ($0.24) and last traded at GBX 18.14 ($0.24). 29,363,689 shares changed hands during mid-day trading, an increase of 317% from the average session volume of 7,037,392 shares. The stock had previously closed at GBX 15.22 ($0.20).

Analysts Set New Price Targets

Separately, Canaccord Genuity Group reiterated a "speculative buy" rating and issued a GBX 46 price target 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 currently has a consensus rating of "Buy" and a consensus target price of GBX 46.

SolGold Stock Down 0.3%

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 stock has a market cap of £542.93 million, a P/E ratio of -1,507.58 and a beta of 1.20. The stock's fifty day simple moving average is GBX 15.15 and its 200-day simple moving average is GBX 9.99.

Insider Transactions at SolGold

In other news, insider Paul Smith purchased 9,587 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was bought at an average price of GBX 10 per share, with a total value of £958.70. Over the last ninety days, insiders have bought 185,842 shares of company stock valued at $1,858,420. Insiders own 4.86% 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.

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