Taseko Mines (NYSEAMERICAN:TGB) Shares Gap Down - What's Next?

Key Points

• Taseko (TGB) gapped down pre-market from $6.21 to a $5.61 open and last traded around $5.71 on volume of ~2.7 million shares, signaling heavy selling pressure.
• Analysts at BMO and TD continue to rate the stock Outperform/Buy and the consensus is "Buy," but the average price target is only $5.00, below recent trading levels.
• The company has a $2.12B market cap and a negative P/E (-83.2); its 50‑day moving average ($7.62) is above the current price while institutional ownership is low (~17.9%) even as several hedge funds have increased stakes.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $6.21, but opened at $5.61. Taseko Mines shares last traded at $5.7120, with a volume of 2,714,673 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TGB. BMO Capital Markets restated an "outperform" rating on shares of Taseko Mines in a research note on Wednesday, January 14th. TD Securities reissued a "buy" rating on shares of Taseko Mines in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $5.00.

Taseko Mines Price Performance

The company has a quick ratio of 0.92, a current ratio of 1.50 and a debt-to-equity ratio of 0.91. The stock has a market cap of $2.12 billion, a P/E ratio of -83.20 and a beta of 1.18. The firm has a 50 day moving average price of $7.62 and a 200 day moving average price of $5.61.

Hedge Funds Weigh In On Taseko Mines

Hedge funds have recently made changes to their positions in the business. Intact Investment Management Inc. boosted its stake in Taseko Mines by 17.8% in the 3rd quarter. Intact Investment Management Inc. now owns 1,035,500 shares of the company's stock worth $4,390,000 after purchasing an additional 156,200 shares during the period. Mackenzie Financial Corp raised its position in shares of Taseko Mines by 973.6% during the second quarter. Mackenzie Financial Corp now owns 1,604,572 shares of the company's stock valued at $5,070,000 after buying an additional 1,455,117 shares during the last quarter. Montrusco Bolton Investments Inc. purchased a new position in shares of Taseko Mines in the third quarter worth $12,260,000. PCJ Investment Counsel Ltd. bought a new position in shares of Taseko Mines during the third quarter worth $3,080,000. Finally, L1 Capital Pty Ltd boosted its position in shares of Taseko Mines by 64.0% during the second quarter. L1 Capital Pty Ltd now owns 20,681,607 shares of the company's stock worth $65,148,000 after acquiring an additional 8,072,986 shares during the last quarter. Institutional investors own 17.94% of the company's stock.

Taseko Mines Company Profile

Taseko Mines Ltd. is a Vancouver‐based mining company primarily engaged in the exploration, development and production of copper‐based projects. Its flagship operation is the Gibraltar copper mine in central British Columbia, which ranks among Canada’s largest open pit copper producers. In addition to copper, Gibraltar yields byproducts such as molybdenum and silver, reflecting Taseko’s focus on base and precious metals.

Beyond Gibraltar, Taseko holds two advanced development assets.

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