Banyan Gold (CVE:BYN) Stock Price Down 2.5% – Here’s Why

Banyan Gold Corp. (CVE:BYN)’s share price traded down 2.5% on Tuesday . The stock traded as low as C$1.14 and last traded at C$1.18. 661,562 shares changed hands during trading, a decline of 24% from the average session volume of 867,272 shares. The stock had previously closed at C$1.21.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group raised shares of Banyan Gold from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Strong Buy” and an average price target of C$2.25.

Banyan Gold Price Performance

The stock’s 50 day simple moving average is C$1.37 and its two-hundred day simple moving average is C$1.19. The stock has a market cap of C$523.36 million, a P/E ratio of -84.29 and a beta of 2.65.

About Banyan Gold

Banyan Gold Corp. engages in the exploration and development of precious metals. The company explores for gold and silver deposits. It holds 100% interest in the AurMac project that consists of 506 quartz mineral claims covering an area of approximately 9,230 hectares located in the Mayo Mining District, Yukon Territory; Hyland gold project comprises of 927 quartz mineral claims covering an area of totaling 18,620 hectares located in the Watson Lake Mining District, Yukon Territory; and Nitra gold project, which consists of 1,442 claims covering an area of approximately 296 square kilometers located in the Mayo Mining District, Yukon Territory.