Taseko Mines (NYSE:TGB) Shares Gap Down - Here's What Happened

Key Points

• Taseko Mines Limited shares opened down at $4.11, a decrease from the previous close of $4.32, with a trading volume of 4,025,250 shares.
• Analyst ratings have shifted, with TD Securities downgrading the stock from "strong-buy" to "hold" while raising the price target from $3.50 to $5.00.
• Institutional investors own 17.94% of Taseko Mines, with significant new positions established by several firms valued over $50,000 in the second quarter of this year.

Taseko Mines Limited (NYSE:TGB - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $4.32, but opened at $4.11. Taseko Mines shares last traded at $4.11, with a volume of 4,025,250 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently weighed in on TGB. TD Securities downgraded shares of Taseko Mines from a "strong-buy" rating to a "hold" rating and raised their price target for the stock from $3.50 to $5.00 in a research report on Wednesday, July 16th. BMO Capital Markets reissued an "outperform" rating on shares of Taseko Mines in a research note on Friday, August 8th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Taseko Mines presently has a consensus rating of "Moderate Buy" and a consensus target price of $5.00.

Taseko Mines Trading Down 5.4%

The company has a fifty day moving average price of $3.64 and a 200-day moving average price of $2.96. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 1.48. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of -136.50 and a beta of 1.28.

Institutional Trading of Taseko Mines

A number of large investors have recently bought and sold shares of TGB. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Taseko Mines during the second quarter valued at $52,000. Ausdal Financial Partners Inc. bought a new position in shares of Taseko Mines during the second quarter worth about $52,000. State of Wyoming bought a new position in shares of Taseko Mines during the second quarter worth about $81,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Taseko Mines during the first quarter worth about $65,000. Finally, HighTower Advisors LLC grew its stake in Taseko Mines by 51.9% in the first quarter. HighTower Advisors LLC now owns 32,646 shares of the company's stock valued at $73,000 after purchasing an additional 11,150 shares in the last quarter. 17.94% of the stock is currently owned by institutional investors.

Taseko Mines Company Profile

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. It explores for copper, molybdenum, gold, niobium, and silver deposits. The company's principal asset comprises 100% interest owned the Gibraltar mine located in British Columbia. It also holds interest in the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona.

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