SolGold (LON:SOLG) Shares Up 15.1% - Here's Why

Key Points

• SolGold shares surged 15.1% on Wednesday, trading as high as GBX 16.51, significantly up from the previous close of GBX 14.26, with a trading volume increase of 318% compared to its average.
• The company has a current market cap of £596.31 million, a P/E ratio of -9.73, and notable liquidity ratios, including a quick ratio of 2.30.
• Insider purchases indicate confidence, with insiders acquiring 185,842 shares in the last 90 days, representing 52.84% ownership of the company’s stock.

SolGold Plc (LON:SOLG - Get Free Report) shares shot up 15.1% on Wednesday . The company traded as high as GBX 16.51 ($0.22) and last traded at GBX 16.42 ($0.22). 26,891,641 shares changed hands during mid-day trading, an increase of 318% from the average session volume of 6,441,072 shares. The stock had previously closed at GBX 14.26 ($0.19).

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group restated a "speculative buy" rating and issued a GBX 46 price target on shares of SolGold in a research note on Monday. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of GBX 46.

SolGold Price Performance

The company has a 50 day moving average price of GBX 10.35 and a 200-day moving average price of GBX 8.11. The company has a quick ratio of 2.30, a current ratio of 3.75 and a debt-to-equity ratio of 78.66. The company has a market cap of £470.93 million, a price-to-earnings ratio of -1,426.55 and a beta of 1.20.

Insider Activity

In other news, insider Paul Smith acquired 41,831 shares of the 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 £4,183.10. Insiders purchased a total of 185,842 shares of company stock valued at $1,858,420 over the last three months. Corporate insiders own 4.83% 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.