Taseko Mines (TSE:TKO) Hits New 52-Week High - What's Next?

Key Points

• Taseko Mines Ltd. has reached a new 52-week high with its stock price peaking at C$6.01, reflecting increased investor interest and volume trading of 354,695 shares.
• Wall Street analysts are optimistic, with an average rating of "Buy" and a price target of C$5.17, following upgrades from several brokerages.
• Insider selling activity has been notable, with senior officers offloading 234,000 shares worth approximately C$1.17 million in the past three months, which raises questions about insider confidence.

Taseko Mines Ltd. (TSE:TKO - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as C$6.01 and last traded at C$6.01, with a volume of 354695 shares trading hands. The stock had previously closed at C$5.79.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TKO. National Bankshares raised their price target on Taseko Mines from C$4.50 to C$5.25 and gave the company an "outperform" rating in a report on Tuesday, June 24th. Paradigm Capital boosted their price target on Taseko Mines from C$4.50 to C$5.25 and gave the stock a "buy" rating in a report on Monday, July 7th. Finally, TD Securities downgraded Taseko Mines from a "strong-buy" rating to a "hold" rating and lifted their price objective for the stock from C$3.50 to C$5.00 in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of C$5.17.

Taseko Mines Price Performance

The firm has a market capitalization of C$1.95 billion, a price-to-earnings ratio of -61.60 and a beta of 1.74. The business has a fifty day moving average price of C$4.81 and a two-hundred day moving average price of C$3.98.

Insider Buying and Selling

In related news, Senior Officer Trevor Thomas sold 35,000 shares of the business's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of C$4.92, for a total transaction of C$172,200.00. Also, insider Robert John Rotzinger sold 150,000 shares of the business's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of C$5.07, for a total value of C$759,750.00. Following the completion of the sale, the insider directly owned 131,958 shares of the company's stock, valued at C$668,367.27. The trade was a 53.20% decrease in their ownership of the stock. Insiders sold a total of 234,000 shares of company stock worth $1,170,890 in the last three months. Company insiders own 2.58% of the company's stock.

Taseko Mines Company Profile

Taseko Mines Ltd is a Canadian mining company. It is principally engaged in the production and sale of metals, as well as related activities, including exploration and mine development, within the province of British Columbia, Canada, and the State of Arizona, the United States. The Gibraltar, Aley, New Prosperity, and Harmony properties are located in British Columbia whereas Florence copper is in central Arizona.

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