Shares of Stornoway Diamond Co. (TSE:SWY) dropped 5.1% during mid-day trading on Thursday . The stock traded as low as C$0.74 and last traded at C$0.75. Approximately 875,564 shares traded hands during trading, an increase of 335% from the average daily volume of 201,114 shares. The stock had previously closed at C$0.79.
SWY has been the topic of several recent analyst reports. Royal Bank Of Canada downgraded shares of Stornoway Diamond from an “outperform” rating to a “sector perform” rating and cut their target price for the company from C$1.30 to C$0.90 in a research note on Monday, July 10th. TD Securities cut their target price on shares of Stornoway Diamond from C$0.90 to C$0.85 and set a “hold” rating on the stock in a research note on Tuesday, August 15th.
The firm has a 50-day moving average price of $0.76 and a 200-day moving average price of $0.79. The company has a market cap of $630.34 million and a price-to-earnings ratio of 18.54.
In related news, Director Patrick Godin sold 250,000 shares of the firm’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of C$0.82, for a total transaction of C$205,000.00.
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About Stornoway Diamond
Stornoway Diamond Corp is a Canada-based diamond exploration and development company. The Company is principally engaged in the acquisition, exploration and development of diamond properties. The Company’s principal focus is its Renard Diamond Project located in north-central Quebec, a project in construction.
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