Is Barrick Gold Stock A Popular Pick On Robinhood?
When you think about some of the best gold stocks to buy, does Barrick Gold stock come to mind? With a market cap of more than $32 billion, Barrick Gold (GOLD – Stock Report) (ABX) is one of the largest gold mining companies out. While 2020 has seen shares trading a bit sideways, it doesn’t discount the fact that over the last 58 weeks, it has become one of the top gold stocks to watch.
Last year, shares started out trading around $13.60. Like most other gold stocks, Barrick Gold ended up pulling back to 2019 lows right at the end of May. However, since then, its price has ramped up to highs of over $20 and currently hovers around $18.50.
This week saw the company gain attention from analysts. Specifically, National Bank increased its price target on the stock. It previously gave a $33CAD target for Barrick Gold stock but increased it to $34CAD this week. National Bank also maintained its “Outperform” rating.
Barrick Gold Stock In The News
At the end of January, Barrick was in the news following its renewed potential in Tanzania. The company formed a mining partnership with the Tanzanian Government where its joint venture, Twiga Minerals Corp, will be 84% owned by Barrick with the remaining ownership going to the government. This came after a long, drawn-out spat between the two.
However, as a result, Barrick gave the market something to “chew on”. It announced that it plans to ship some $280 million worth of gold from Tanzania following its export ban. Furthermore, the company has seen great results from its Kibali Mine. The gold producer reported that it beat production guidance of 750,000 oz of gold at the mine. It delivered over 814,000 ounces in another record year for production.
The progress that Barrick has seen can be due in part to the sound leadership of its new CEO, Mark Bristow. The company has managed to pay down debt, sell off lower-performing assets, while also increasing cash flows. Barrick also managed to sort the Tanzania issue discussed above. Bristow became CEO after captaining Randgold, which Barrick purchased in an $18bn mega-merger.
Is Barrick Gold Stock Popular With Millennials Using Robinhood?
This is just a small snapshot of Barrick Gold’s recent achievements. But it does beg the question, is Barrick Gold stock popular with users of apps like Robinhood?
There’s no denying that things like the coronavirus and slowed global economic growth have shaken up the market. That, in addition to other factors, made safe-haven stocks like gold stocks attractive to investors. That’s also considering the current climate for interest rates right now. When it comes to gold stocks on Robinhood, Barrick Gold is in the top 5. In addition to Barrick, Yamana Gold (AUY – Stock Report), B2Gold (BTG – Stock Report), Northern Dynasty Minerals (NAK – Stock Report), and Turquoise Hill Resources (TRQ – Stock Report) also top the list.
So, is Barrick Gold stock popular on Robinhood? Well, with just over 12,500 people owning shares on the app, it would seem as though it isn’t unpopular. Obviously, when you compare it to stocks like Aurora Cannabis (ACV – Stock Report), it pales in comparison. Aurora has over 640,000 who own shares of the marijuana stock. All the same, Barrick Gold stock does stand on its own.
When compared to stocks you may think would be more popular like Ferrari (RACE – Stock Report, Walgreens (WBA – Stock Report), or even Citigroup (C – Stock Report), Barrick Gold stock is far more popular among Robinhood’s users.
Midam Ventures, LLC | (305) 928-8939 | 1501 Venera Ave, Coral Gables, FL 33146 | firstname.lastname@example.org