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

Key Points

• SolGold's stock surged 19.2% on Monday, trading at GBX 18.14 ($0.24), with an impressive trading volume increase of 317% compared to its average session volume.
• Canaccord Genuity has reiterated a "speculative buy" rating with a price target of GBX 46, contributing to a consensus "Buy" rating among analysts.
• Insider transactions indicate confidence in the company, with insiders purchasing 185,842 shares in the last ninety days, reflecting their commitment to the company's future performance.

SolGold Plc (LON:SOLG - Get Free Report) traded up 19.2% during trading on Monday . The stock traded as high as GBX 18.20 ($0.24) and last traded at GBX 18.14 ($0.24). 29,363,689 shares traded 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).

Analyst Ratings Changes

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 analyst has rated the stock with a Buy rating, Based on data from MarketBeat, SolGold presently has a consensus rating of "Buy" and an average price target of GBX 46.

SolGold Price Performance

The firm has a fifty day moving average of GBX 15.15 and a 200 day moving average of GBX 9.99. The company has a market capitalization of £542.93 million, a P/E ratio of -1,507.58 and a beta of 1.20. The company has a current ratio of 3.75, a quick ratio of 2.30 and a debt-to-equity ratio of 78.66.

Insider Activity

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

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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