IAMGOLD (NYSE:IAG) Stock Price Passes Above Two Hundred Day Moving Average – Time to Sell?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.96 and traded as high as $5.67. IAMGOLD shares last traded at $5.67, with a volume of 8,259,094 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on IAG shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a report on Tuesday, October 22nd. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $7.75 to $10.50 in a research note on Tuesday, October 22nd. StockNews.com lowered shares of IAMGOLD from a “buy” rating to a “hold” rating in a research report on Wednesday, January 1st. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, CIBC upgraded IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research note on Monday, December 2nd. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.68.

IAMGOLD Price Performance

The firm has a market capitalization of $3.24 billion, a P/E ratio of 4.43 and a beta of 1.56. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average is $5.37 and its 200-day moving average is $4.96.

Hedge Funds Weigh In On IAMGOLD

Institutional investors have recently modified their holdings of the business. ORG Partners LLC bought a new position in IAMGOLD in the third quarter valued at about $29,000. Eastern Bank bought a new stake in shares of IAMGOLD during the 3rd quarter valued at approximately $30,000. WINTON GROUP Ltd bought a new position in IAMGOLD in the 2nd quarter valued at approximately $52,000. Flow Traders U.S. LLC acquired a new stake in IAMGOLD in the third quarter valued at approximately $93,000. Finally, Verition Fund Management LLC bought a new stake in shares of IAMGOLD during the third quarter worth $114,000. Institutional investors and hedge funds 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.