Veritas Downgrades Lundin Gold (TSE:LUG) to Strong Sell

Lundin Gold (TSE:LUG) was downgraded by equities research analysts at Veritas from a “strong-buy” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages also recently weighed in on LUG. Jefferies Financial Group boosted their target price on shares of Lundin Gold from C$36.00 to C$45.00 in a research note on Friday, April 4th. National Bankshares boosted their price objective on shares of Lundin Gold from C$66.50 to C$67.75 and gave the stock an “outperform” rating in a research report on Thursday, May 22nd. BMO Capital Markets upped their price objective on Lundin Gold from C$45.00 to C$62.00 in a report on Friday, May 9th. TD Securities lifted their target price on Lundin Gold from C$58.00 to C$65.00 and gave the company a “buy” rating in a research note on Thursday, May 22nd. Finally, Royal Bank of Canada boosted their target price on Lundin Gold from C$50.00 to C$54.00 in a research report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Lundin Gold currently has a consensus rating of “Hold” and a consensus price target of C$48.98.

Lundin Gold Stock Down 2.1%

Shares of TSE LUG opened at C$67.01 on Monday. Lundin Gold has a 12-month low of C$18.48 and a 12-month high of C$74.91. The firm’s 50-day simple moving average is C$58.13 and its 200 day simple moving average is C$44.19. The company has a market cap of C$11.44 billion, a price-to-earnings ratio of 37.61 and a beta of 1.23.

Insider Activity at Lundin Gold

In other news, Senior Officer Terrence Smith sold 40,656 shares of the business’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of C$64.06, for a total transaction of C$2,604,423.36. Also, Director Pablo Mir sold 15,000 shares of the company’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of C$66.44, for a total value of C$996,550.50. Over the last quarter, insiders sold 63,656 shares of company stock worth $4,060,974. 58.72% of the stock is owned by insiders.

About Lundin Gold

Lundin Gold Inc is a Canada based company focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador. The Fruta del Norte deposit is located within a 150 km long copper-gold metallogenic sub-province located in the Cordillera del Condor region in southeastern Ecuador.