i-80 Gold (NYSE:IAUX) Stock Falls 5.4% – Here’s What Happened

i-80 Gold Corp. (NYSE:IAUX)’s stock price was down 5.4% during trading on Tuesday. The stock traded as low as $1.32 and last traded at $1.3050. 1,699,421 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 11,436,237 shares. The stock had previously closed at $1.38.

Analyst Ratings Changes

Separately, Freedom Broker raised their price objective on shares of i-80 Gold from $2.80 to $2.90 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. One analyst has rated the stock with a Buy rating. According to data from MarketBeat.com, i-80 Gold currently has a consensus rating of “Buy” and a consensus target price of $2.75.

i-80 Gold Stock Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.22 and a current ratio of 0.33. The stock has a market cap of $1.16 billion, a PE ratio of -3.71 and a beta of 1.23. The firm’s 50-day moving average is $1.65 and its 200 day moving average is $1.61.

Insider Activity at i-80 Gold

In related news, Director John Begeman sold 19,231 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $1.74, for a total value of $33,461.94. Following the sale, the director directly owned 827,354 shares in the company, valued at $1,439,595.96. The trade was a 2.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.42% of the stock is owned by company insiders.

Hedge Funds Weigh In On i-80 Gold

A number of institutional investors have recently modified their holdings of the company. Tidal Investments LLC raised its stake in shares of i-80 Gold by 123.1% during the second quarter. Tidal Investments LLC now owns 18,662,686 shares of the company’s stock valued at $26,874,000 after purchasing an additional 10,298,143 shares in the last quarter. JGP Global Gestao de Recursos Ltda. purchased a new stake in shares of i-80 Gold in the third quarter worth approximately $9,960,000. BlackRock Inc. purchased a new position in i-80 Gold in the second quarter valued at about $6,868,000. Legal & General Group Plc acquired a new position in i-80 Gold in the second quarter worth approximately $4,810,000. Finally, McAlvany Wealth Management LLC bought a new position in shares of i-80 Gold during the 1st quarter valued at $3,536,000. Institutional investors and hedge funds own 61.31% of the company’s stock.

About i-80 Gold

i-80 Gold Corp. is a Canada-based mining company focused on the exploration, development and potential production of gold and other precious metals in Nevada. The company’s portfolio includes several advanced-stage projects and processing facilities in one of the world’s major gold-producing regions.

Its principal assets include the Ruby Hill, Granite Creek, McCoy-Cove and Lone Tree properties. These projects contain gold resources as well as opportunities for additional exploration and development.