IAMGOLD (NYSE:IAG) Shares Gap Down – Time to Sell?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) shares gapped down prior to trading on Monday . The stock had previously closed at $5.69, but opened at $5.36. IAMGOLD shares last traded at $5.23, with a volume of 2,154,074 shares trading hands.

Analyst Ratings Changes

IAG has been the topic of several analyst reports. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Monday. CIBC increased their target price on shares of IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $6.00 price target on shares of IAMGOLD in a report on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Stock Performance

The company has a market capitalization of $2.87 billion, a PE ratio of 3.93 and a beta of 1.57. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The business’s 50-day moving average is $5.28 and its 200-day moving average is $4.53.

Institutional Investors Weigh In On IAMGOLD

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC raised its position in shares of IAMGOLD by 1,034.3% during the 1st quarter. Virtu Financial LLC now owns 339,792 shares of the mining company’s stock valued at $1,132,000 after purchasing an additional 309,836 shares during the period. Semanteon Capital Management LP purchased a new position in shares of IAMGOLD in the 3rd quarter worth $503,000. Van ECK Associates Corp increased its stake in IAMGOLD by 8.8% during the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock worth $276,639,000 after acquiring an additional 4,267,084 shares during the last quarter. U S Global Investors Inc. boosted its stake in IAMGOLD by 241.6% during the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock worth $4,467,000 after buying an additional 604,114 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in IAMGOLD by 1,973.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,012,000 shares of the mining company’s stock worth $5,311,000 after purchasing an additional 963,200 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About IAMGOLD

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.