Kirkland Lake Gold Ltd (NYSE:KL) Short Interest Update
Kirkland Lake Gold Ltd (NYSE:KL) was the target of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 4,720,000 shares, a growth of 13.5% from the July 31st total of 4,160,000 shares. Based on an average daily volume of 1,610,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 2.4% of the shares of the stock are short sold.
NYSE KL traded down $1.48 on Friday, reaching $42.38. The company’s stock had a trading volume of 2,051,237 shares, compared to its average volume of 1,634,294. Kirkland Lake Gold has a twelve month low of $17.26 and a twelve month high of $51.08. The stock has a market cap of $9.22 billion, a PE ratio of 31.16 and a beta of -0.10. The firm’s 50 day moving average is $46.34 and its two-hundred day moving average is $38.55.
Kirkland Lake Gold (NYSE:KL) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.01. Kirkland Lake Gold had a net margin of 34.59% and a return on equity of 29.11%. The company had revenue of $281.27 million during the quarter, compared to analyst estimates of $273.55 million. As a group, sell-side analysts anticipate that Kirkland Lake Gold will post 2.38 EPS for the current fiscal year.
A number of equities research analysts have weighed in on KL shares. National Bank Financial downgraded shares of Kirkland Lake Gold from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Monday, May 27th. Desjardins reissued an “average” rating and issued a $54.50 price target on shares of Kirkland Lake Gold in a report on Wednesday, July 17th. Roth Capital upped their price target on shares of Kirkland Lake Gold from $48.00 to $53.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Royal Bank of Canada downgraded shares of Kirkland Lake Gold from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $54.00 to $72.00 in a report on Thursday, September 5th. Finally, Zacks Investment Research raised shares of Kirkland Lake Gold from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Wednesday, July 24th. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $51.81.
A number of hedge funds have recently bought and sold shares of KL. Bank of Nova Scotia purchased a new stake in Kirkland Lake Gold during the second quarter valued at about $27,000. Mark Sheptoff Financial Planning LLC purchased a new stake in Kirkland Lake Gold during the second quarter valued at about $30,000. Optimum Investment Advisors purchased a new stake in Kirkland Lake Gold during the second quarter valued at about $43,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in Kirkland Lake Gold during the second quarter valued at about $65,000. Finally, Steward Partners Investment Advisory LLC purchased a new stake in Kirkland Lake Gold during the second quarter valued at about $90,000. 51.54% of the stock is owned by institutional investors.
Kirkland Lake Gold Company Profile
Kirkland Lake Gold Ltd. engages in the acquisition, exploration, development, and operation of gold properties. It owns and operates four underground gold mines, including the Macassa, Holt, and Taylor mines located in northeastern Ontario, Canada; and the Fosterville Mine located in Victoria, Australia, as well as three milling facilities in Canada and Australia.
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