Continental Gold (CNL) Shares Up 2% on Insider Buying Activity

Shares of Continental Gold Inc (TSE:CNL) shot up 2% during trading on Wednesday following insider buying activity. The company traded as high as C$3.05 and last traded at C$3.03. 196,648 shares traded hands during trading, a decline of 68% from the average session volume of 613,584 shares. The stock had previously closed at C$2.97.

Specifically, Director James Elvin Gallagher bought 13,500 shares of the company’s stock in a transaction on Tuesday, October 24th. The shares were purchased at an average price of C$3.16 per share, for a total transaction of C$42,660.00. Also, Director Christopher Joseph Sattler bought 10,000 shares of the company’s stock in a transaction on Wednesday, December 13th. The shares were bought at an average price of C$3.14 per share, for a total transaction of C$31,400.00. Insiders bought a total of 42,507 shares of company stock worth $132,713 in the last 90 days.

Several equities research analysts have issued reports on the company. Eight Capital dropped their target price on Continental Gold from C$6.75 to C$5.85 in a research report on Thursday, November 16th. Royal Bank of Canada dropped their target price on Continental Gold from C$6.00 to C$5.50 and set an “outperform” rating on the stock in a research report on Friday, October 6th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of C$6.23.

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Continental Gold Company Profile

Continental Gold Inc, together with its subsidiaries, acquires, explores for, evaluates, and develops gold resource properties in Colombia. It holds the rights to develop and explore 1 advanced-stage gold project, as well as explore 3 early-stage projects in Colombia covering an area of approximately 76,870 hectares.

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