Taseko Mines (NYSEAMERICAN:TGB) Shares Up 8% – Should You Buy?

Taseko Mines Limited (NYSEAMERICAN:TGB)’s stock price shot up 8% during mid-day trading on Friday . The stock traded as high as $7.35 and last traded at $7.4010. 2,543,796 shares changed hands during trading, a decline of 59% from the average session volume of 6,213,739 shares. The stock had previously closed at $6.85.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TGB. Cantor Fitzgerald raised Taseko Mines from a “buy” rating to a “buy” rating and set a $9.00 price target for the company in a research note on Thursday, May 7th. Zacks Research downgraded Taseko Mines from a “hold” rating to a “strong sell” rating in a research note on Thursday, April 16th. TD Securities reaffirmed a “buy” rating on shares of Taseko Mines in a research note on Monday, February 23rd. Finally, Canaccord Genuity Group lifted their price target on Taseko Mines from C$13.50 to C$14.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.00.

Taseko Mines Stock Up 9.5%

The firm’s 50 day moving average is $7.18 and its two-hundred day moving average is $6.84. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 250.08 and a beta of 1.25. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 0.88.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TGB. Caitong International Asset Management Co. Ltd acquired a new position in Taseko Mines in the 4th quarter valued at about $35,000. Wealth Enhancement Advisory Services LLC acquired a new position in Taseko Mines in the 3rd quarter valued at about $49,000. Ausdal Financial Partners Inc. acquired a new position in Taseko Mines in the 2nd quarter valued at about $52,000. Swiss Life Asset Management Ltd acquired a new position in Taseko Mines in the 3rd quarter valued at about $61,000. Finally, Marex Group plc acquired a new position in Taseko Mines in the 4th quarter valued at about $61,000. Institutional investors and hedge funds own 17.94% of the company’s stock.

About Taseko Mines

Taseko Mines Ltd. is a Vancouver‐based mining company primarily engaged in the exploration, development and production of copper‐based projects. Its flagship operation is the Gibraltar copper mine in central British Columbia, which ranks among Canada’s largest open pit copper producers. In addition to copper, Gibraltar yields byproducts such as molybdenum and silver, reflecting Taseko’s focus on base and precious metals.

Beyond Gibraltar, Taseko holds two advanced development assets.