Continental Gold (CNL) Trading Up 2% on Insider Buying Activity
Shares of Continental Gold Inc (TSE:CNL) were up 2% during mid-day trading on Wednesday following insider buying activity. The company traded as high as C$3.05 and last traded at C$3.03. Approximately 196,648 shares changed hands during trading, a decline of 68% from the average daily volume of 613,584 shares. The stock had previously closed at C$2.97.
Specifically, Director James Elvin Gallagher acquired 13,500 shares of Continental Gold stock in a transaction dated Tuesday, October 24th. The shares were purchased at an average cost of C$3.16 per share, for a total transaction of C$42,660.00. Also, Director Christopher Joseph Sattler acquired 10,000 shares of Continental Gold stock in a transaction dated Wednesday, December 13th. The shares were purchased at an average price of C$3.14 per share, for a total transaction of C$31,400.00. Insiders acquired a total of 42,507 shares of company stock worth $132,713 over the last 90 days.
Several brokerages have recently commented on CNL. Eight Capital reduced their price objective on Continental Gold from C$6.75 to C$5.85 in a research report on Thursday, November 16th. Royal Bank of Canada reduced their price objective on Continental Gold from C$6.00 to C$5.50 and set an “outperform” rating on the stock in a research report on Friday, October 6th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Continental Gold presently has an average rating of “Buy” and an average price target of C$6.23.
Continental Gold Company Profile
Continental Gold Inc, together with its subsidiaries, acquires, explores for, evaluates, and develops gold resource properties in Colombia. It holds the rights to develop and explore 1 advanced-stage gold project, as well as explore 3 early-stage projects in Colombia covering an area of approximately 76,870 hectares.
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