Roxgold (ROGFF) Initiated with a Buy at Canaccord Genuity

By Ryan Adsit

In a report released yesterday, Carey MacRury from Canaccord Genuity initiated coverage with a Buy rating on Roxgold (ROGFFResearch Report) and a price target of C$2.00. The company’s shares closed last Monday at $1.13, close to its 52-week high of $1.14.

According to TipRanks.com, MacRury is a top 100 analyst with an average return of 24.5% and a 78.9% success rate. MacRury covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, Osisko Gold Royalties, and Kirkland Lake Gold.

Roxgold has an analyst consensus of Strong Buy, with a price target consensus of $1.43, representing a 30.2% upside. In a report issued on June 26, Echelon Wealth Partners also maintained a Buy rating on the stock with a C$1.80 price target.

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Roxgold’s market cap is currently $420.5M and has a P/E ratio of 118.90. The company has a Price to Book ratio of 2.35.

Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ROGFF in relation to earlier this year.

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Roxgold, Inc. is an exploration and development company. It engages in the acquiring, exploring and evaluating mineral properties and gold projects. The company holds interest in Yaramoko and Solna Projects. Roxgold was founded on November 22, 1983 and is headquartered in Toronto, Canada.