Scotiabank Reiterates Their Sell Rating on Stornoway Diamond (SWY)

By Ryan Adsit

Shares of Stornoway Diamond (SWYResearch Report) were revisited by a Wall Street analyst on May 14. Analyst Scott MacDonald CFA from Scotiabank remains bearish on the stock and has a C$0.05 price target.

Stornoway Diamond has an analyst consensus of Moderate Sell.

Based on Stornoway Diamond’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of C$245 million. In comparison, last year the company had a GAAP net loss of C$10.98 million.

Stornoway Diamond Corp. is a diamond exploration and development company which engages in diamond mining, acquisition and exploration of diamond properties. It also holds interest in Renard Diamond, Qilalugaq, Timiskaming, Aviat, Hammer,Grassroots and Pikoo projects.

The company’s shares closed on Thursday at C$0.06, close to its 52-week low of C$0.05.