Taseko Mines (NYSE:TGB) Shares Up 6.3% - What's Next?

Key Points

• Taseko Mines Limited shares rose by 6.3% on Thursday, with trading volume significantly down by 77% compared to the average.
• Brokerage firm TD Securities downgraded Taseko's rating from "strong-buy" to "hold," while increasing the target price from $3.50 to $5.00.
• Recent institutional activity shows multiple firms, including Sowell Financial Services and National Bank of Canada FI, purchasing significant additional shares, reflecting growing investor interest.

Shares of Taseko Mines Limited (NYSE:TGB - Get Free Report) shot up 6.3% on Thursday . The stock traded as high as $4.84 and last traded at $4.69. 2,035,545 shares changed hands during trading, a decline of 77% from the average session volume of 8,926,782 shares. The stock had previously closed at $4.41.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TGB. TD Securities lowered shares of Taseko Mines from a "strong-buy" rating to a "hold" rating and increased their target price for the stock from $3.50 to $5.00 in a research note 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 research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $5.00.

Taseko Mines Stock Up 1.1%

The business's 50 day moving average is $3.50 and its 200-day moving average is $2.89. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.71 and a quick ratio of 1.05. The company has a market cap of $1.41 billion, a PE ratio of -148.67 and a beta of 1.28.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Sowell Financial Services LLC raised its holdings in Taseko Mines by 8.7% during the second quarter. Sowell Financial Services LLC now owns 62,331 shares of the company's stock worth $196,000 after purchasing an additional 5,000 shares in the last quarter. Signaturefd LLC raised its holdings in Taseko Mines by 12.0% during the first quarter. Signaturefd LLC now owns 47,992 shares of the company's stock worth $108,000 after purchasing an additional 5,154 shares in the last quarter. Focus Partners Wealth raised its holdings in Taseko Mines by 19.9% during the first quarter. Focus Partners Wealth now owns 60,200 shares of the company's stock worth $135,000 after purchasing an additional 10,000 shares in the last quarter. Ingalls & Snyder LLC raised its holdings in Taseko Mines by 12.1% during the second quarter. Ingalls & Snyder LLC now owns 98,236 shares of the company's stock worth $309,000 after purchasing an additional 10,600 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in Taseko Mines by 44.1% during the first quarter. National Bank of Canada FI now owns 35,844 shares of the company's stock worth $78,000 after purchasing an additional 10,973 shares in the last quarter. Hedge funds and other institutional investors own 17.94% of the company's stock.

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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