Wesdome Gold Mines (TSE:WDO) Sets New 52-Week High After Insider Buying Activity

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Wesdome Gold Mines Ltd (TSE:WDO)’s share price hit a new 52-week high on Wednesday after an insider bought additional shares in the company. The stock traded as high as C$8.61 and last traded at C$8.60, with a volume of 21821 shares changing hands. The stock had previously closed at C$8.46.

Specifically, Senior Officer Heather Anne Laxton acquired 22,870 shares of the stock in a transaction dated Tuesday, November 12th. The stock was bought at an average cost of C$1.96 per share, with a total value of C$44,825.20. Following the purchase, the insider now directly owns 28,972 shares of the company’s stock, valued at C$56,785.12.

WDO has been the subject of several research reports. National Bank Financial boosted their price objective on shares of Wesdome Gold Mines from C$8.50 to C$9.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. BMO Capital Markets upped their price target on shares of Wesdome Gold Mines from C$8.00 to C$9.00 in a research report on Wednesday, September 11th. Echelon Wealth Partners raised shares of Wesdome Gold Mines from a “hold” rating to a “buy” rating in a research report on Wednesday, October 30th. Pi Financial upped their price target on shares of Wesdome Gold Mines from C$4.50 to C$5.65 in a research report on Wednesday, July 24th. Finally, Eight Capital upped their price target on shares of Wesdome Gold Mines from C$6.25 to C$7.50 in a research report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of C$6.98.

The business’s 50-day moving average is C$6.96 and its two-hundred day moving average is C$6.07. The company has a current ratio of 1.89, a quick ratio of 1.41 and a debt-to-equity ratio of 6.50. The stock has a market capitalization of $1.14 billion and a PE ratio of 37.00.

About Wesdome Gold Mines (TSE:WDO)

Wesdome Gold Mines Ltd. explores for, extracts, processes, produces, reclaims, and sells gold in Canada. It principally produces gold in the form of doré bars; and silver as a by-product. The company's principal assets include the Eagle River Mine, which consists of 3 contiguous mining leases and 442 contiguous active mining claims covering an area of 7,958 hectares; the Mishi Mine that consists of 19 patented mining claims, 5 mining leases, and 5 staked claims covering an area of 3,055 hectares; and the Eagle River Mill located near Wawa, Ontario.

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