IAMGOLD Corporation [IAG] Stock trading around $1.27 per share: What’s Next?

IAMGOLD Corporation [NYSE: IAG] price surged by 19.81 percent to reach at $0.21. The company report on October 18, 2022 that IAMGOLD Announces Agreement to Sell Its Interest in Rosebel Gold Mines to Zijin Mining for Cash Consideration of $360 Million.

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All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.

Toronto, Ontario–(Newsfile Corp. – October 18, 2022) – IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) (“IAMGOLD” or the “Company”) is pleased to announce that it has entered into a definitive agreement (the “Agreement”) with Zijin Mining Group Co. Ltd. (SH:601899, SEHK:2899) (“Zijin”) to sell its 95% interest in Rosebel Gold Mines N.V. (“Rosebel”) for cash consideration of $360 million and release of IAMGOLD’s equipment lease liabilities amounting to approximately $41 million (the “Transaction”). Rosebel holds a 100% interest in the Rosebel Gold Mine and a 70% participating interest in the Saramacca Mine, located in Suriname. The remaining 5% interest in Rosebel will continue to be held by the Government of Suriname.

A sum of 10489067 shares traded at recent session while its average daily volume was at 5.60M shares. IAMGOLD Corporation shares reached a high of $1.28 and dropped to a low of $1.14 until finishing in the latest session at $1.27.

The one-year IAG stock forecast points to a potential upside of 25.73. The average equity rating for IAG stock is currently 3.60, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on IAMGOLD Corporation [IAG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IAG shares is $1.71 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IAG stock is a recommendation set at 3.60. 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.

Stifel have made an estimate for IAMGOLD Corporation shares, keeping their opinion on the stock as Sell, with their previous recommendation back on May 05, 2022. The new note on the price target was released on May 05, 2022, representing the official price target for IAMGOLD Corporation stock. Previously, the target price had yet another drop from $3 to $2.25, while Raymond James kept a Underperform rating on IAG stock. On May 04, 2022, analysts decreased their price target for IAG shares from 3.50 to 2.50.

The Average True Range (ATR) for IAMGOLD Corporation is set at 0.10, with the Price to Sales ratio for IAG stock in the period of the last 12 months amounting to 0.50. The Price to Book ratio for the last quarter was 0.27, with the Price to Cash per share for the same quarter was set at 0.90.

IAG Stock Performance Analysis:

IAMGOLD Corporation [IAG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 17.59. With this latest performance, IAG shares gained by 4.96% in over the last four-week period, additionally sinking by -61.75% over the last 6 months – not to mention a drop of -54.48% 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 IAG stock in for the last two-week period is set at 58.75, with the RSI for the last a single of trading hit 66.05, and the three-weeks RSI is set at 53.87 for IAMGOLD Corporation [IAG]. The present Moving Average for the last 50 days of trading for this stock 1.2139, while it was recorded at 1.1140 for the last single week of trading, and 2.2036 for the last 200 days.

Insight into IAMGOLD Corporation Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and IAMGOLD Corporation [IAG] shares currently have an operating margin of -7.69 and a Gross Margin at -3.94. IAMGOLD Corporation’s Net Margin is presently recorded at -22.02.

Return on Equity for this stock declined to -10.70, with Return on Assets sitting at -5.94.

IAMGOLD Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.80.

IAMGOLD Corporation [IAG] Insider Position Details

There are presently around $316 million, or 76.80% of IAG stock, in the hands of institutional investors. The top three institutional holders of IAG stocks are: VAN ECK ASSOCIATES CORP with ownership of 47,628,360, which is approximately 1.367% of the company’s market cap and around 1.70% of the total institutional ownership; DONALD SMITH & CO., INC., holding 40,099,242 shares of the stock with an approximate value of $50.93 million in IAG stocks shares; and KOPERNIK GLOBAL INVESTORS, LLC, currently with $37.36 million in IAG stock with ownership of nearly 179.808% of the company’s market capitalization.

Positions in IAMGOLD Corporation stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 53 institutional holders increased their position in IAMGOLD Corporation [NYSE:IAG] by around 45,779,537 shares. Additionally, 70 investors decreased positions by around 17,606,203 shares, while 29 investors held positions by with 185,399,701 shares. The mentioned changes placed institutional holdings at 248,785,441 shares, according to the latest SEC report filing. IAG stock had 17 new institutional investments in for a total of 13,406,478 shares, while 25 institutional investors sold positions of 10,386,409 shares during the same period.


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