IAMGOLD Co. (NYSE:IAG) Sees Significant Growth in Short Interest

IAMGOLD Co. (NYSE:IAG - Get Free Report) (TSE: IMG) experienced a notable increase in short interest for the month of October. As of October 15th, short interest stood at 9,060,000 shares, marking a substantial rise of 56.5% from the previous month’s total of 5,790,000 shares on September 30th. Given the average daily trading volume of 9,390,000 shares, the short-interest ratio now equals approximately 1.0 days. Currently, around 1.6% of the company’s shares are engaged in short selling.

Institutional Inflows and Outflows

Recently, numerous large investors have adjusted their positions in IAMGOLD. For example, ORG Partners LLC took a new stake in the company during the third quarter worth $29,000. Similarly, Eastern Bank acquired shares valued at about $30,000 during the same period. Additionally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in IAMGOLD by 3.0% in the second quarter, now owning 306,980 shares valued at approximately $1,154,000 after purchasing an additional 8,972 shares. Continuum Advisory LLC also expanded its stake in IAMGOLD by 92.9% during the second quarter, bringing its total to 20,450 shares worth $77,000 following an increase of 9,850 shares. Lastly, TIAA Trust National Association also established a new position valued at roughly $38,000. Currently, institutional investors and hedge funds collectively hold 47.08% of IAMGOLD’s shares.

Wall Street Analyst Insights

Recently, various equity analysts have expressed their views on IAMGOLD. Canaccord Genuity Group upgraded the stock rating from "hold" to "buy" in a report dated October 22nd, raising their price target from $7.75 to $10.50. National Bank Financial also upgraded IAMGOLD from a "sector perform" rating to "outperform" on October 10th. Moreover, StockNews.com revised its recommendation from "sell" to "hold" in a review from August 17th. Furthermore, CIBC set a new price target for IAMGOLD, increasing it from $5.40 to $6.40 with a "neutral" rating noted on October 22nd. Currently, the stock has received one sell rating, four hold ratings, and four buy ratings from analysts. According to MarketBeat.com, IAMGOLD currently carries an average rating of "Hold" and a target price of about $6.07.

IAMGOLD Stock Performance

On the last trading day, IAMGOLD stock opened at $5.77. The company’s debt-to-equity ratio is noted at 0.30, while its quick ratio and current ratio are recorded at 0.90 and 1.34, respectively. IAMGOLD boasts a market capitalization of $3.30 billion, a price-to-earnings ratio of 23.08, and a beta of 1.59. Over the past year, the stock has fluctuated between a low of $2.11 and a high of $6.37. Its fifty-day moving average settles at $5.20, with the two-hundred-day average at $4.38.

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG last reported its quarterly earnings on August 8th. The mining company announced an EPS of $0.16 for the quarter, surpassing analysts’ expectations that projected an EPS of $0.08. Total revenue for the quarter reached $385.30 million, resulting in a return on equity of 6.70% and a net margin of 10.36%. In the same quarter last year, the company recorded an EPS of ($0.01). Analysts predict IAMGOLD will close the current year with an EPS of 0.51.

About IAMGOLD

IAMGOLD Corporation operates as an intermediate gold producer and developer, primarily in Canada and Burkina Faso. It maintains full ownership of the Westwood project in Quebec covering 1,925 hectares, a 60% interest in the Côté gold project in Ontario spanning 596 square kilometers, and a 90% interest in the Essakane project situated in Burkina Faso, which encompasses an area of 274,000 square kilometers.

IAMGOLD, stocks, short