Banyan Gold (CVE:BYN) Shares Down 3.7% – What’s Next?

Shares of Banyan Gold Corp. (CVE:BYN) traded down 3.7% on Wednesday. The company traded as low as C$1.55 and last traded at C$1.55. 314,301 shares were traded during trading, a decline of 61% from the average session volume of 808,901 shares. The stock had previously closed at C$1.61.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on BYN shares. Desjardins raised Banyan Gold to a “moderate buy” rating in a research note on Thursday, October 1st. Scotiabank set a C$3.00 target price on Banyan Gold and gave the company an “outperform” rating in a research note on Monday, September 14th. Finally, National Bank Financial set a C$3.00 target price on Banyan Gold and gave the company an “outperform” rating in a report on Wednesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of C$2.81.

Banyan Gold Stock Performance

The company has a market cap of C$704.91 million, a P/E ratio of -372.50 and a beta of 2.54. The firm has a 50 day moving average price of C$1.79 and a 200-day moving average price of C$1.49.

About Banyan Gold

Banyan Gold Corp. engages in the exploration and development of precious metals. The company explores for gold and silver deposits. It holds 100% interest in the AurMac project that consists of 506 quartz mineral claims covering an area of approximately 9,230 hectares located in the Mayo Mining District, Yukon Territory; Hyland gold project comprises of 927 quartz mineral claims covering an area of totaling 18,620 hectares located in the Watson Lake Mining District, Yukon Territory; and Nitra gold project, which consists of 1,442 claims covering an area of approximately 296 square kilometers located in the Mayo Mining District, Yukon Territory.