SolGold (LON:SOLG) Trading 19.2% Higher - Here's Why

Key Points

• SolGold Plc's share price increased by 19.2%, trading at GBX 18.14 ($0.24) after a surge in trading volume to approximately 29.4 million shares.
• Canaccord Genuity Group maintained a "speculative buy" rating with a target price of GBX 46, reflecting a positive market sentiment.
• Insiders have been actively buying shares, with purchases totaling 185,842 shares over the last 90 days, indicating confidence in the company's prospects.

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

Analyst Ratings Changes

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

SolGold Stock Up 19.2%

The company has a fifty day moving average price of GBX 15.15 and a 200 day moving average price of GBX 9.99. The company has a market cap of £544.40 million, a PE 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.

Insider Buying and Selling at SolGold

In related news, insider Paul Smith purchased 41,831 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average price of GBX 10 per share, for a total transaction of £4,183.10. Over the last 90 days, insiders bought 185,842 shares of company stock worth $1,858,420. 4.86% of the stock is owned by insiders.

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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