Lundin Gold (OTCMKTS:LUGDF) Shares Up 6.8% – Still a Buy?

Shares of Lundin Gold Inc. (OTCMKTS:LUGDF) shot up 6.8% during trading on Friday . The company traded as high as C$66.64 and last traded at C$66.01. 73,870 shares changed hands during trading, an increase of 40% from the average daily volume of 52,641 shares. The stock had previously closed at C$61.81.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on LUGDF. UBS Group initiated coverage on shares of Lundin Gold in a research report on Thursday, May 28th. They set a “buy” rating on the stock. BMO Capital Markets reiterated a “market perform” rating on shares of Lundin Gold in a research report on Friday. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold”.

Lundin Gold Stock Performance

The firm has a 50 day moving average price of C$56.89 and a 200-day moving average price of C$69.97.

About Lundin Gold

Lundin Gold Inc is a Vancouver-based gold mining company focused on the acquisition, exploration, development and operation of gold properties in South America. The company’s flagship asset is the Fruta del Norte underground gold mine, located in the province of Zamora-Chinchipe in southeast Ecuador. Commencing commercial production in mid-2021, Fruta del Norte combines high-grade epithermal vein mineralization with a modern processing facility to produce gold doré bars for sale on international markets.

Historically, the Fruta del Norte deposit was first identified in 2006 and later became the cornerstone of Lundin Gold through corporate restructuring that established the company as an independent public entity in 2019.