IAMGOLD (TSE:IMG) Shares Up 13.9% – Here’s Why

Shares of IAMGOLD Co. (TSE:IMG) (NYSE:IAG) rose 13.9% on Wednesday . The company traded as high as C$18.15 and last traded at C$17.59. Approximately 992,497 shares were traded during trading, a decline of 55% from the average daily volume of 2,206,618 shares. The stock had previously closed at C$15.45.

Analysts Set New Price Targets

A number of equities analysts have recently commented on IMG shares. Bank of America lifted their target price on shares of IAMGOLD from C$13.00 to C$15.50 in a report on Friday, August 29th. Canaccord Genuity Group boosted their target price on shares of IAMGOLD from C$15.50 to C$19.50 in a research report on Thursday, October 2nd. Stifel Nicolaus upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and boosted their price objective for the stock from C$11.00 to C$28.00 in a research report on Monday, October 20th. Royal Bank Of Canada raised shares of IAMGOLD from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, September 10th. Finally, Cormark boosted their target price on shares of IAMGOLD from C$16.50 to C$20.00 in a research note on Tuesday, September 16th. Four investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of C$21.20.

IAMGOLD Stock Performance

The stock’s 50-day moving average is C$16.31 and its 200-day moving average is C$12.22. The stock has a market cap of C$9.83 billion, a price-to-earnings ratio of 11.95, a P/E/G ratio of -0.28 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 1.19 and a debt-to-equity ratio of 28.93.

About IAMGOLD

Iamgold Corp is a mid-tier gold mining company operating in three regions globally North America, South America and West Africa. Within these regions, the company is developing potential mining districts that encompass operating mines and construction, development and exploration projects. The company’s operating mines include Essakane in Burkina Faso, Rosebel in Suriname and Westwood in Canada.