Stock Traders Buy Large Volume of Dakota Gold Call Options (NYSE:DC)

Dakota Gold Corp. (NYSE:DC) was the recipient of unusually large options trading activity on Wednesday. Investors acquired 3,562 call options on the stock. This is an increase of approximately 337% compared to the typical volume of 815 call options.

Hedge Funds Weigh In On Dakota Gold

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Dakota Gold during the second quarter worth about $37,299,000. Donald Smith & CO. Inc. purchased a new position in shares of Dakota Gold in the 2nd quarter valued at approximately $4,601,000. Groupe la Francaise boosted its stake in Dakota Gold by 154.5% in the 1st quarter. Groupe la Francaise now owns 1,400,000 shares of the company’s stock worth $7,041,000 after purchasing an additional 850,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Dakota Gold in the 2nd quarter worth approximately $2,821,000. Finally, Amundi grew its position in Dakota Gold by 43.3% during the 1st quarter. Amundi now owns 2,150,000 shares of the company’s stock worth $10,858,000 after purchasing an additional 650,000 shares during the last quarter. 37.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a “buy” rating and set a $10.75 price objective on shares of Dakota Gold in a report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.44.

Dakota Gold Stock Performance

DC stock traded up $0.10 during trading on Friday, reaching $6.08. 111,128 shares of the company traded hands, compared to its average volume of 1,566,890. The business has a 50 day simple moving average of $5.88 and a 200 day simple moving average of $5.39. Dakota Gold has a 12 month low of $3.79 and a 12 month high of $7.25. The company has a market capitalization of $815.10 million, a price-to-earnings ratio of -14.87 and a beta of 1.23.

About Dakota Gold

Dakota Gold Corp. (NYSE:DC) is a mineral exploration and development company focused on discovering and advancing gold deposits in the historic Homestake District of South Dakota. The company’s activities include geological mapping, drilling, sampling, resource evaluation and other exploration work rather than commercial gold production.

Dakota Gold controls a substantial land position in the Homestake District, an area with a long history of gold mining near Lead, South Dakota. Its exploration portfolio includes projects such as Richmond Hill and Maitland, where the company is evaluating the potential for large-scale gold mineralization and developing targets for further drilling.

The Homestake District was historically one of the most important gold-producing regions in the United States.