Taseko Mines (NYSEAMERICAN:TGB) Shares Gap Down – Here’s Why

Shares of Taseko Mines Limited (NYSEAMERICAN:TGB) gapped down prior to trading on Thursday . The stock had previously closed at $6.21, but opened at $5.61. Taseko Mines shares last traded at $5.7120, with a volume of 2,714,673 shares.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on TGB shares. TD Securities restated a “buy” rating on shares of Taseko Mines in a research report on Monday, February 23rd. BMO Capital Markets restated an “outperform” rating on shares of Taseko Mines in a report on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $5.00.

Taseko Mines Stock Down 6.3%

The stock has a market cap of $2.12 billion, a PE ratio of -83.20 and a beta of 1.18. The business has a fifty day moving average of $7.62 and a 200-day moving average of $5.61. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.50 and a quick ratio of 0.92.

Hedge Funds Weigh In On Taseko Mines

Several institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new stake in shares of Taseko Mines in the fourth quarter valued at about $35,000. Marex Group plc acquired a new stake in shares of Taseko Mines during the fourth quarter worth about $61,000. Parallel Advisors LLC raised its position in Taseko Mines by 22.6% during the 4th quarter. Parallel Advisors LLC now owns 11,049 shares of the company’s stock worth $63,000 after buying an additional 2,035 shares during the last quarter. Magnetar Financial LLC acquired a new position in Taseko Mines during the fourth quarter valued at $66,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Taseko Mines during the 3rd quarter valued at about $49,000. Hedge funds and other institutional investors 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.