i-80 Gold (NYSE:IAUX) Trading Up 9.7% – Here’s Why

i-80 Gold Corp. (NYSE:IAUX)’s stock price shot up 9.7% on Wednesday . The stock traded as high as $1.71 and last traded at $1.7340. Approximately 1,496,727 shares traded hands during trading, a decline of 88% from the average daily volume of 12,517,165 shares. The stock had previously closed at $1.58.

Wall Street Analyst Weigh In

Separately, UBS Group set a $2.60 price target on shares of i-80 Gold in a report on Tuesday, June 2nd.

i-80 Gold Trading Up 9.2%

The firm has a market capitalization of $1.49 billion, a PE ratio of -4.79 and a beta of 1.17. The stock’s 50-day moving average price is $1.45 and its 200 day moving average price is $1.58. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.33 and a quick ratio of 0.22.

Insider Transactions at i-80 Gold

In related news, Director John Arthur Begeman sold 24,356 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $1.59, for a total value of $38,726.04. Following the transaction, the director owned 827,354 shares of the company’s stock, valued at $1,315,492.86. This represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.42% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On i-80 Gold

Hedge funds have recently made changes to their positions in the company. Banco BTG Pactual S.A. bought a new position in shares of i-80 Gold during the 2nd quarter worth $25,000. State of Wisconsin Investment Board bought a new stake in shares of i-80 Gold in the fourth quarter valued at about $27,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in shares of i-80 Gold by 49.5% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,420 shares of the company’s stock valued at $32,000 after acquiring an additional 7,420 shares in the last quarter. Deutsche Bank AG purchased a new stake in i-80 Gold in the fourth quarter worth about $32,000. Finally, Pasadena Private Wealth LLC purchased a new stake in i-80 Gold in the second quarter worth about $36,000. 61.31% of the stock is currently owned by hedge funds and other institutional investors.

i-80 Gold Company Profile

i-80 Gold Corp. is a Canadian-focused gold exploration, development and production company with a strategic emphasis on precious metal assets in the state of Nevada, USA. The company pursues a district-scale approach, seeking to consolidate under-explored gold belts and advance resource-stage projects toward commercial production. Its core objective is to build a balanced portfolio of operating and development assets that generate cash flow while supporting ongoing exploration.

The company’s flagship asset is the 100%-owned Ruby Hill complex in Humboldt County, Nevada, which encompasses multiple gold and silver deposits at various stages of technical study and permitting.