Banyan Gold (CVE:BYN) Stock Price Breaks Below 200-Day Moving Average – Time to Sell?

Banyan Gold Corp. (CVE:BYN)’s stock price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of C$1.49 and traded as low as C$1.47. Banyan Gold shares last traded at C$1.47, with a volume of 405,485 shares.

Wall Street Analysts Forecast Growth

BYN has been the topic of a number of recent research reports. National Bank Financial set a C$3.00 price objective on shares of Banyan Gold and gave the stock an “outperform” rating in a report on Wednesday, September 30th. Desjardins upgraded shares of Banyan Gold to a “moderate buy” rating in a report on Thursday, October 1st. Finally, Scotiabank set a C$3.00 price target on Banyan Gold and gave the stock an “outperform” rating in a research report on Monday, September 14th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of C$2.81.

Banyan Gold Stock Down 5.2%

The company has a fifty day simple moving average of C$1.79 and a 200 day simple moving average of C$1.49. The firm has a market capitalization of C$695.45 million, a P/E ratio of -367.50 and a beta of 2.54.

Banyan Gold Company Profile

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.