i-80 Gold (NYSE:IAUX) Sees Large Volume Increase – Still a Buy?

i-80 Gold Corp. (NYSE:IAUX) saw unusually-strong trading volume on Thursday . Approximately 36,047,325 shares changed hands during mid-day trading, an increase of 222% from the previous session’s volume of 11,190,123 shares.The stock last traded at $1.3050 and had previously closed at $1.40.

i-80 Gold Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 0.33 and a quick ratio of 0.22. The stock has a 50-day moving average price of $1.79 and a 200-day moving average price of $1.34. The firm has a market capitalization of $1.10 billion, a PE ratio of -3.62 and a beta of 1.09.

Hedge Funds Weigh In On i-80 Gold

Several institutional investors and hedge funds have recently made changes to their positions in IAUX. Vanguard Group Inc. bought a new stake in shares of i-80 Gold in the third quarter worth $22,877,000. Pale Fire Capital SE increased its position in shares of i-80 Gold by 25.2% in the 2nd quarter. Pale Fire Capital SE now owns 21,263,656 shares of the company’s stock worth $12,724,000 after purchasing an additional 4,282,561 shares during the last quarter. Equinox Partners Investment Management LLC acquired a new stake in shares of i-80 Gold in the 2nd quarter valued at about $6,909,000. Trek Financial LLC raised its stake in shares of i-80 Gold by 4.7% in the 3rd quarter. Trek Financial LLC now owns 11,173,852 shares of the company’s stock valued at $10,675,000 after purchasing an additional 504,035 shares in the last quarter. Finally, Amundi lifted its position in shares of i-80 Gold by 8,598.4% during the fourth quarter. Amundi now owns 10,872,975 shares of the company’s stock worth $15,875,000 after purchasing an additional 10,747,975 shares during the last quarter. 61.31% of the stock is currently owned by hedge funds and other institutional investors.

About i-80 Gold

i-80 Gold Corp. is a Canadian-focused gold exploration, development and production company with a strategic emphasis on precious metal assets in the state of Nevada, USA. The company pursues a district-scale approach, seeking to consolidate under-explored gold belts and advance resource-stage projects toward commercial production. Its core objective is to build a balanced portfolio of operating and development assets that generate cash flow while supporting ongoing exploration.

The company’s flagship asset is the 100%-owned Ruby Hill complex in Humboldt County, Nevada, which encompasses multiple gold and silver deposits at various stages of technical study and permitting.