Banyan Gold (CVE:BYN) Stock Price Up 0.6% – Time to Buy?

Banyan Gold Corp. (CVE:BYN)’s stock price traded up 0.6% during trading on Wednesday. The company traded as high as C$1.68 and last traded at C$1.67. Approximately 462,698 shares traded hands during trading, a decline of 45% from the average session volume of 839,744 shares. The stock had previously closed at C$1.66.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Desjardins upgraded shares of Banyan Gold to a “moderate buy” rating in a research note on Thursday, October 1st. Scotiabank set a C$3.00 price target on shares of Banyan Gold and gave the stock an “outperform” rating in a report on Monday, September 14th. Finally, National Bank Financial set a C$3.00 price target on Banyan Gold and gave the stock an “outperform” rating in a research report on Wednesday, September 30th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of C$2.81.

Banyan Gold Price Performance

The stock has a market cap of C$790.07 million, a price-to-earnings ratio of -417.50 and a beta of 2.74. The company’s fifty day moving average price is C$1.88 and its 200-day moving average price is C$1.58.

Insider Buying and Selling

In related news, Director David Rutt sold 50,000 shares of Banyan Gold stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of C$1.50, for a total value of C$75,000.00. Following the completion of the sale, the director directly owned 2,774,224 shares in the company, valued at C$4,161,336. This trade represents a 1.77% decrease in their position. In the last ninety days, insiders have sold 170,000 shares of company stock valued at $251,400. 17.73% of the stock is owned by company insiders.

Banyan Gold Company Profile

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.