Lundin Gold (OTCMKTS:LUGDF) Stock Price Down 2.9% – Here’s Why

Lundin Gold Inc. (OTCMKTS:LUGDF)’s stock price was down 2.9% on Monday . The stock traded as low as C$52.85 and last traded at C$53.75. Approximately 50,751 shares changed hands during mid-day trading, a decline of 7% from the average daily volume of 54,432 shares. The stock had previously closed at C$55.36.

Wall Street Analysts Forecast Growth

Separately, UBS Group initiated coverage on shares of Lundin Gold in a research report on Thursday, May 28th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold”.

Lundin Gold Stock Performance

The business has a 50 day moving average of C$60.01 and a two-hundred day moving average of C$73.48.

About Lundin Gold

Lundin Gold Inc is a Vancouver-based gold mining company focused on the acquisition, exploration, development and operation of gold properties in South America. The company’s flagship asset is the Fruta del Norte underground gold mine, located in the province of Zamora-Chinchipe in southeast Ecuador. Commencing commercial production in mid-2021, Fruta del Norte combines high-grade epithermal vein mineralization with a modern processing facility to produce gold doré bars for sale on international markets.

Historically, the Fruta del Norte deposit was first identified in 2006 and later became the cornerstone of Lundin Gold through corporate restructuring that established the company as an independent public entity in 2019.