Taseko Mines (NYSEAMERICAN:TGB) Shares Gap Up - Here's Why

Key Points

• The stock gapped up, opening at $6.40 after a $5.96 close and last trading around $6.2580 on volume of 1,087,760 shares (about a 4.6% intraday rise).
• Analyst sentiment: Two analysts have "Buy"/"Outperform" ratings and the stock's average consensus is "Buy," but the average price target cited is $5.00, which is below the current trading level.
• Institutional inflows: Several large funds materially increased stakes (notably L1 Capital now holds 35.5M shares), with institutional investors owning 17.94% of the company.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $5.96, but opened at $6.40. Taseko Mines shares last traded at $6.2580, with a volume of 1,087,760 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. TD Securities reiterated a "buy" rating on shares of Taseko Mines in a research note on Monday, February 23rd. BMO Capital Markets restated an "outperform" rating on shares of Taseko Mines in a research note on Wednesday, January 14th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $5.00.

Taseko Mines Trading Up 4.6%

The stock has a market cap of $2.27 billion, a PE ratio of -89.20 and a beta of 1.18. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.92 and a current ratio of 1.50. The company has a 50 day moving average of $7.59 and a two-hundred day moving average of $5.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. L1 Capital Pty Ltd raised its position in Taseko Mines by 45.2% during the fourth quarter. L1 Capital Pty Ltd now owns 35,545,632 shares of the company's stock worth $201,190,000 after acquiring an additional 11,066,233 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Taseko Mines by 11.7% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,126,773 shares of the company's stock worth $34,376,000 after purchasing an additional 854,016 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Taseko Mines by 78.6% in the 4th quarter. Mackenzie Financial Corp now owns 6,350,898 shares of the company's stock valued at $35,818,000 after buying an additional 2,794,210 shares in the last quarter. Mudita Advisors LLP boosted its holdings in Taseko Mines by 57.4% in the 4th quarter. Mudita Advisors LLP now owns 4,388,401 shares of the company's stock worth $24,838,000 after buying an additional 1,600,000 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Taseko Mines by 261.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,019,297 shares of the company's stock worth $12,661,000 after buying an additional 2,907,611 shares in the last quarter. Hedge funds and other institutional investors own 17.94% of the company's stock.

About Taseko Mines

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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