TRX Gold (NYSE:TRX) Trading 5.3% Higher - Here's What Happened

Key Points

• TRX Gold shares increased by 5.3% during trading, reaching a last traded price of $0.41 after hitting a high of $0.42.
• Analysts have given TRX Gold a consensus rating of "Buy" with an average target price of $1.10, indicating potential for upward movement.
• Several institutional investors notably increased their stakes in TRX Gold, with Jane Street Group boosting its holdings by 157.7% during the second quarter.

TRX Gold Co. (NYSE:TRX - Get Free Report) was up 5.3% during mid-day trading on Wednesday . The stock traded as high as $0.42 and last traded at $0.41. Approximately 2,315,798 shares were traded during trading, an increase of 350% from the average daily volume of 514,181 shares. The stock had previously closed at $0.39.

Wall Street Analysts Forecast Growth

TRX has been the topic of several analyst reports. HC Wainwright lifted their price target on shares of TRX Gold from $1.00 to $1.10 and gave the company a "buy" rating in a report on Wednesday, July 16th. Wall Street Zen initiated coverage on shares of TRX Gold in a report on Thursday, May 22nd. They set a "hold" rating on the stock. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $1.10.

TRX Gold Trading Up 0.6%

The company has a market cap of $115.07 million, a PE ratio of -34.20 and a beta of 0.27. The stock's 50 day moving average is $0.35 and its 200-day moving average is $0.33. The company has a quick ratio of 0.51, a current ratio of 0.83 and a debt-to-equity ratio of 0.03.

Institutional Investors Weigh In On TRX Gold

A number of hedge funds have recently bought and sold shares of TRX. BNP Paribas Financial Markets purchased a new stake in shares of TRX Gold in the fourth quarter valued at $120,000. Rossby Financial LCC raised its stake in shares of TRX Gold by 15.7% in the first quarter. Rossby Financial LCC now owns 960,000 shares of the company's stock valued at $310,000 after acquiring an additional 130,000 shares during the period. Financial Sense Advisors Inc. raised its stake in shares of TRX Gold by 41.5% in the first quarter. Financial Sense Advisors Inc. now owns 238,483 shares of the company's stock valued at $74,000 after acquiring an additional 70,000 shares during the period. Jane Street Group LLC raised its stake in shares of TRX Gold by 157.7% in the second quarter. Jane Street Group LLC now owns 108,573 shares of the company's stock valued at $36,000 after acquiring an additional 66,437 shares during the period. Finally, Evergreen Capital Management LLC bought a new position in shares of TRX Gold in the second quarter worth about $136,000. Hedge funds and other institutional investors own 1.06% of the company's stock.

About TRX Gold

TRX Gold Corporation engages in the exploration, development, and production of mineral property interests in the United Republic of Tanzania. The company primarily explores for gold deposits. It holds interests in the Buckreef gold project that comprises a single Special Mining License covering an area of 16.04 square kilometers and 12 Prospecting Licenses covering 98.19 square kilometers located in north-central Tanzania.