IAMGOLD Co. (NYSE:IAG) Sees Significant Growth in Short Interest

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) was the target of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 6,820,000 shares, a growth of 23.3% from the November 30th total of 5,530,000 shares. Approximately 1.2% of the company’s shares are short sold. Based on an average daily volume of 8,150,000 shares, the short-interest ratio is currently 0.8 days.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and increased their price objective for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. National Bank Financial upgraded shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a report on Tuesday, October 22nd. Finally, StockNews.com upgraded IAMGOLD from a “hold” rating to a “buy” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, IAMGOLD currently has an average rating of “Moderate Buy” and a consensus target price of $6.68.

Institutional Investors Weigh In On IAMGOLD

A number of large investors have recently added to or reduced their stakes in IAG. ORG Partners LLC purchased a new stake in shares of IAMGOLD during the third quarter worth about $29,000. Eastern Bank purchased a new stake in IAMGOLD during the 3rd quarter worth approximately $30,000. TIAA Trust National Association purchased a new position in shares of IAMGOLD during the 2nd quarter valued at approximately $38,000. WINTON GROUP Ltd bought a new stake in shares of IAMGOLD in the second quarter worth $52,000. Finally, Banque Cantonale Vaudoise acquired a new stake in IAMGOLD in the second quarter valued at $56,000. 47.08% of the stock is owned by institutional investors and hedge funds.

IAMGOLD Stock Performance

NYSE IAG traded up $0.09 on Tuesday, reaching $5.15. The stock had a trading volume of 3,453,342 shares, compared to its average volume of 8,749,325. IAMGOLD has a 12-month low of $2.23 and a 12-month high of $6.37. The business’s 50-day moving average price is $5.43 and its 200 day moving average price is $4.88. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The stock has a market cap of $2.94 billion, a P/E ratio of 4.02 and a beta of 1.56.

IAMGOLD Company Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.