Robert Quartermain, President and CEO of Dakota Gold Corp. (NYSE:DC), has increased his stake in the company with a series of recent stock purchases. According to a recent SEC filing, Quartermain acquired a total of 40,000 shares over two days, November 20 and 21, at prices ranging from $2.179 to $2.222 per share. The total value of these transactions amounted to $88,380. Following these purchases, Quartermain's direct ownership now stands at 7,617,877 shares. Dakota Gold Corp., a company involved in metal mining, is based in Lead, South Dakota.
In other recent news, Dakota Gold Corp. has been the focus of positive attention from BMO (TSX:BMO) Capital Markets, which recently assigned an Outperform rating to the company's stock. This rating is based on the potential of Dakota Gold's JB Gold Zone discovery in South Dakota, a high-grade gold discovery that BMO Capital Markets believes holds significant scarcity value and potential for growth due to its geological similarities to the historic Homestake mine.
BMO Capital Markets has expressed confidence in Dakota Gold's prospects, particularly due to the promising aspects of the JB Gold Zone. The firm has set a price target of $6.00, indicating the potential for significant returns based on the current developments at the JB Gold Zone.
Dakota Gold Corp. continues to focus on exploring and developing its properties in South Dakota, with the JB Gold Zone being a central element of its growth strategy. The company has not yet responded to the new coverage and rating. As these are recent developments, investors and market watchers will undoubtedly keep a close eye on Dakota Gold's progress with the JB Gold Zone.
InvestingPro Insights
Robert Quartermain's recent insider buying at Dakota Gold Corp. (NYSE:DC) comes at a time when the company faces several financial challenges, as revealed by InvestingPro data. The company's market capitalization stands at $212.47 million, with its stock trading at $2.25 as of the previous close. This price represents 68.92% of its 52-week high, indicating a significant pullback from recent peaks.
InvestingPro Tips highlight that Dakota Gold is not profitable over the last twelve months and analysts do not anticipate the company will be profitable this year. This aligns with the reported adjusted operating income of -$37.67 million for the last twelve months as of Q3 2023. The company's price-to-earnings ratio is negative at -5.24, further underscoring its current profitability challenges.
Despite these headwinds, there are some positive aspects to Dakota Gold's financial position. An InvestingPro Tip notes that the company holds more cash than debt on its balance sheet, which could provide some financial flexibility as it works towards profitability. Additionally, its liquid assets exceed short-term obligations, potentially mitigating near-term liquidity concerns.
It's worth noting that while the stock has seen a 4.17% return over the past week, it has experienced a -9.64% return over the last month and a -16.36% return over the past year. These fluctuations may have influenced Quartermain's decision to increase his stake in the company.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond those mentioned here. In fact, there are 6 more InvestingPro Tips available for Dakota Gold Corp., which could provide valuable context for understanding the company's financial position and future prospects.
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