Dakota Gold (NYSE:DC) Trading Up 6.2% – Here’s Why

Dakota Gold Corp. (NYSE:DC)’s stock price shot up 6.2% during trading on Wednesday . The company traded as high as $4.79 and last traded at $4.7460. 207,156 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 1,623,111 shares. The stock had previously closed at $4.47.

Wall Street Analyst Weigh In

A number of research firms recently commented on DC. Canadian Imperial Bank of Commerce started coverage on Dakota Gold in a research report on Tuesday, May 5th. They set an “outperform” rating and a $11.00 price objective for the company. HC Wainwright raised their target price on Dakota Gold from $10.50 to $10.75 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Finally, Canaccord Genuity Group upped their price target on shares of Dakota Gold from $16.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Dakota Gold currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.44.

Dakota Gold Stock Performance

The firm has a market cap of $626.78 million, a P/E ratio of -11.41 and a beta of 1.20. The firm’s fifty day simple moving average is $4.85 and its 200 day simple moving average is $5.50.

Insider Buying and Selling at Dakota Gold

In other Dakota Gold news, Director Jennifer S. Grafton sold 15,511 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.56, for a total value of $86,241.16. Following the completion of the sale, the director directly owned 144,560 shares of the company’s stock, valued at $803,753.60. The trade was a 9.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Todd J. Kenner purchased 17,921 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was purchased at an average price of $5.60 per share, with a total value of $100,357.60. Following the acquisition, the director directly owned 17,921 shares of the company’s stock, valued at $100,357.60. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 8.50% of the company’s stock.

Institutional Trading of Dakota Gold

Several institutional investors and hedge funds have recently made changes to their positions in DC. AQR Capital Management LLC increased its position in Dakota Gold by 87.7% during the 1st quarter. AQR Capital Management LLC now owns 31,293 shares of the company’s stock valued at $83,000 after purchasing an additional 14,617 shares during the period. Goldman Sachs Group Inc. increased its holdings in Dakota Gold by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 210,091 shares of the company’s stock valued at $557,000 after buying an additional 8,249 shares during the period. Jane Street Group LLC raised its stake in Dakota Gold by 14.9% in the first quarter. Jane Street Group LLC now owns 58,867 shares of the company’s stock worth $156,000 after buying an additional 7,626 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Dakota Gold during the first quarter worth $87,000. Finally, Rhumbline Advisers boosted its position in Dakota Gold by 96.7% during the 2nd quarter. Rhumbline Advisers now owns 230,909 shares of the company’s stock valued at $852,000 after acquiring an additional 113,493 shares in the last quarter. 37.41% of the stock is currently owned by institutional investors.

Dakota Gold Company Profile

Dakota Gold Corp (NYSE:DC) is a mineral exploration and development company focused on advancing gold projects within the United States. The company’s primary asset is the historic Homestake District in South Dakota’s Black Hills, where it seeks to redevelop gold-bearing tailings and low‐grade ore volumes for open‐pit heap leach processing. Dakota Gold pursues a staged approach, combining exploration, resource delineation and economic studies to unlock value from legacy mine materials.

The firm’s flagship property comprises sealed tailings impoundments and adjacent low‐grade stockpiles left over from the Homestake Gold Mine, which operated from 1876 until 2002.