SolGold (LON:SOLG) Trading 16.3% Higher - Here's Why

Key Points

• SolGold's stock price increased by 16.3% on Monday, reaching GBX 17.71 ($0.24) with a significant trading volume of approximately 47 million shares.
• Analysts from Canaccord Genuity Group have reiterated a "speculative buy" rating with a price target of GBX 46, contributing to a consensus rating of "Buy" among market analysts.
• Insiders purchased a total of 185,842 shares of SolGold over the past three months, indicating confidence in the company's potential among its executives.

SolGold Plc (LON:SOLG - Get Free Report)'s stock price was up 16.3% on Monday . The stock traded as high as GBX 17.71 ($0.24) and last traded at GBX 17.71 ($0.24). Approximately 47,507,316 shares were traded during trading, an increase of 566% from the average daily volume of 7,129,027 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 set a GBX 46 price target on shares of SolGold in a research report on Monday, September 1st. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of GBX 46.

SolGold Trading Up 19.2%

The stock has a market capitalization of £544.40 million, a price-to-earnings ratio of -1,511.67 and a beta of 1.20. The company has a debt-to-equity ratio of 78.66, a current ratio of 3.75 and a quick ratio of 2.30. The business has a 50 day simple moving average of GBX 15.04 and a 200-day simple moving average of GBX 9.91.

Insider Transactions at SolGold

In related news, insider Paul Smith bought 9,587 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of GBX 10 per share, for a total transaction of £958.70. Over the last three months, insiders purchased 185,842 shares of company stock worth $1,858,420. 4.86% of the stock is currently owned by corporate 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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