Sandstorm Gold Ltd. [NYSE: SAND] plunged by -$0.52 during the normal trading session on Wednesday and reaching a high of $5.135 during the day while it closed the day at $5.05. The company report on September 27, 2022 that Sandstorm Gold Royalties Announces US$80 Million Bought Deal Financing.
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Sandstorm Gold Ltd. (“Sandstorm Gold Royalties” or the “Company”) (NYSE: SAND, TSX: SSL) has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Scotiabank (the “Underwriters”) under which the Underwriters have agreed to buy from the Company, on a bought deal basis, 15,700,000 common shares (the “Common Shares”), at a price of US$5.10 per Common Share for gross proceeds to the Company of approximately US$80 million (the “Offering”). The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about October 4, 2022 and is subject to the Company receiving all necessary regulatory approvals.
The Company plans to use the net proceeds of the Offering for future acquisitions of streams and royalties, the repayment, from time to time, of amounts drawn under the Company’s revolving credit facility, and other general working capital purposes.
Sandstorm Gold Ltd. stock has also loss -18.28% of its value over the past 7 days. However, SAND stock has declined by -18.42% in the 3 months of the year. Over the past six months meanwhile, it has lost -36.48% and lost -18.55% year-on date.
The market cap for SAND stock reached $1.41 billion, with 280.11 million shares outstanding and 168.32 million shares in the current float. Compared to the average trading volume of 1.83M shares, SAND reached a trading volume of 13070153 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Sandstorm Gold Ltd. [SAND]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SAND shares is $9.70 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SAND stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
BMO Capital Markets have made an estimate for Sandstorm Gold Ltd. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on August 17, 2022. While these analysts kept the previous recommendation, National Bank Financial raised their target price to Outperform. The new note on the price target was released on August 16, 2022, representing the official price target for Sandstorm Gold Ltd. stock. Previously, the target price had yet another raise from $6.50 to $7, while RBC Capital Mkts kept a Sector Perform rating on SAND stock. On June 28, 2021, analysts decreased their price target for SAND shares from 8 to 7.
The Average True Range (ATR) for Sandstorm Gold Ltd. is set at 0.33, with the Price to Sales ratio for SAND stock in the period of the last 12 months amounting to 10.99. The Price to Book ratio for the last quarter was 1.56.
SAND stock trade performance evaluation
Sandstorm Gold Ltd. [SAND] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -18.28. With this latest performance, SAND shares dropped by -14.84% in over the last four-week period, additionally sinking by -36.48% over the last 6 months – not to mention a drop of -14.12% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SAND stock in for the last two-week period is set at 34.96, with the RSI for the last a single of trading hit 29.56, and the three-weeks RSI is set at 38.37 for Sandstorm Gold Ltd. [SAND]. The present Moving Average for the last 50 days of trading for this stock 5.90, while it was recorded at 5.53 for the last single week of trading, and 6.57 for the last 200 days.
Sandstorm Gold Ltd. [SAND]: Insider Ownership positions
There are presently around $429 million, or 51.78% of SAND stock, in the hands of institutional investors. The top three institutional holders of SAND stocks are: VAN ECK ASSOCIATES CORP with ownership of 20,422,272, which is approximately 0.652% of the company’s market cap and around 4.09% of the total institutional ownership; PHOENIX HOLDINGS LTD., holding 7,939,912 shares of the stock with an approximate value of $40.1 million in SAND stocks shares; and HORIZON KINETICS ASSET MANAGEMENT LLC, currently with $32.45 million in SAND stock with ownership of nearly 6.559% of the company’s market capitalization.
99 institutional holders increased their position in Sandstorm Gold Ltd. [NYSE:SAND] by around 18,971,881 shares. Additionally, 64 investors decreased positions by around 15,694,228 shares, while 49 investors held positions by with 50,313,145 shares. The mentioned changes placed institutional holdings at 84,979,254 shares, according to the latest SEC report filing. SAND stock had 40 new institutional investments in for a total of 4,867,898 shares, while 23 institutional investors sold positions of 7,626,983 shares during the same period.