Banyan Gold (CVE:BYN) Trading Down 7.5% – Time to Sell?

Banyan Gold Corp. (CVE:BYN) shares traded down 7.5% during trading on Monday . The company traded as low as C$1.96 and last traded at C$1.96. Approximately 1,619,907 shares were traded during mid-day trading, an increase of 92% from the average session volume of 845,122 shares. The stock had previously closed at C$2.12.

Analyst Upgrades and Downgrades

BYN has been the subject of several research analyst reports. Scotiabank set a C$3.00 price target on Banyan Gold and gave the stock an “outperform” rating in a research note on Monday, September 14th. Desjardins set a C$3.00 target price on Banyan Gold and gave the stock a “buy” rating in a research note on Friday, September 11th. Finally, National Bank Financial set a C$3.00 price target on shares of Banyan Gold and gave the stock an “outperform” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to MarketBeat.com, Banyan Gold currently has an average rating of “Buy” and a consensus price target of C$2.81.

Banyan Gold Stock Performance

The company has a market cap of C$865.12 million, a P/E ratio of -485.00 and a beta of 2.80. The business has a 50 day moving average price of C$1.70 and a two-hundred day moving average price of C$1.48.

Insiders Place Their Bets

In other news, Director David Rutt sold 50,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of C$1.50, for a total transaction of C$75,000.00. Following the completion of the sale, the director owned 2,774,224 shares of the company’s stock, valued at approximately C$4,161,336. This represents a 1.77% decrease in their ownership of the stock. Insiders sold a total of 170,000 shares of company stock valued at $251,400 in the last ninety days. Insiders own 17.73% of the company’s stock.

About Banyan Gold

Banyan Gold Corp. engages in the exploration and development of precious metals. The company explores for gold and silver deposits. It holds 100% interest in the AurMac project that consists of 506 quartz mineral claims covering an area of approximately 9,230 hectares located in the Mayo Mining District, Yukon Territory; Hyland gold project comprises of 927 quartz mineral claims covering an area of totaling 18,620 hectares located in the Watson Lake Mining District, Yukon Territory; and Nitra gold project, which consists of 1,442 claims covering an area of approximately 296 square kilometers located in the Mayo Mining District, Yukon Territory.