Taseko Mines (NYSE:TGB) Shares Gap Up - Here's Why

Shares of Taseko Mines Limited (NYSE:TGB - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $2.03, but opened at $2.16. Taseko Mines shares last traded at $2.16, with a volume of 1,199,803 shares.

Analysts Set New Price Targets

TGB has been the subject of a number of research reports. StockNews.com downgraded shares of Taseko Mines from a "hold" rating to a "sell" rating in a research note on Friday, February 21st. National Bank Financial raised shares of Taseko Mines from a "sector perform" rating to an "outperform" rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Taseko Mines currently has an average rating of "Moderate Buy" and a consensus price target of $3.50.

Taseko Mines Stock Down 0.5 %

The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 1.48. The stock has a market capitalization of $648.97 million, a PE ratio of -69.67 and a beta of 1.61. The company's fifty day moving average price is $2.04 and its 200-day moving average price is $2.15.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TGB. Aigen Investment Management LP bought a new position in Taseko Mines during the 3rd quarter valued at approximately $199,000. Anthracite Investment Company Inc. increased its holdings in shares of Taseko Mines by 6.5% in the 3rd quarter. Anthracite Investment Company Inc. now owns 1,579,460 shares of the company's stock worth $3,980,000 after purchasing an additional 96,000 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Taseko Mines by 296.8% in the 3rd quarter. Bank of Montreal Can now owns 3,160,574 shares of the company's stock worth $8,225,000 after purchasing an additional 2,364,116 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Taseko Mines in the 3rd quarter worth $128,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Taseko Mines by 272.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 53,142 shares of the company's stock worth $134,000 after purchasing an additional 38,876 shares in the last quarter. Institutional investors own 17.94% of the company's stock.

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Taseko Mines Company Profile

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. It explores for copper, molybdenum, gold, niobium, and silver deposits. The company's principal asset comprises 100% interest owned the Gibraltar mine located in British Columbia. It also holds interest in the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona.