i-80 Gold (NYSE:IAUX) Shares Gap Down – Here’s Why

i-80 Gold Corp. (NYSE:IAUX)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $1.62, but opened at $1.48. i-80 Gold shares last traded at $1.4450, with a volume of 13,662,753 shares.

i-80 Gold Price Performance

The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.90 and a beta of 1.09. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.22 and a current ratio of 0.33. The company has a fifty day simple moving average of $1.79 and a two-hundred day simple moving average of $1.34.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC lifted its position in i-80 Gold by 1,345.4% during the first quarter. AQR Capital Management LLC now owns 195,706 shares of the company’s stock worth $114,000 after purchasing an additional 182,166 shares during the period. Goldman Sachs Group Inc. increased its holdings in i-80 Gold by 40.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,436,918 shares of the company’s stock valued at $2,000,000 after buying an additional 987,083 shares during the period. Bank of Montreal Can increased its holdings in i-80 Gold by 92.2% in the 2nd quarter. Bank of Montreal Can now owns 665,813 shares of the company’s stock valued at $411,000 after buying an additional 319,394 shares during the period. NewGen Equity Long Short Fund acquired a new position in shares of i-80 Gold in the 2nd quarter valued at approximately $5,206,000. Finally, Stonebrook Private Inc. lifted its holdings in shares of i-80 Gold by 80.3% during the 2nd quarter. Stonebrook Private Inc. now owns 61,737 shares of the company’s stock worth $37,000 after acquiring an additional 27,502 shares during the period. Institutional investors own 61.31% of the company’s stock.

i-80 Gold Company Profile

i-80 Gold Corp. is a Canadian-focused gold exploration, development and production company with a strategic emphasis on precious metal assets in the state of Nevada, USA. The company pursues a district-scale approach, seeking to consolidate under-explored gold belts and advance resource-stage projects toward commercial production. Its core objective is to build a balanced portfolio of operating and development assets that generate cash flow while supporting ongoing exploration.

The company’s flagship asset is the 100%-owned Ruby Hill complex in Humboldt County, Nevada, which encompasses multiple gold and silver deposits at various stages of technical study and permitting.