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We recently compiled a list of the 10 Firms Defy Market’s Bullish Momentum. In this article, we are going to take a look at where B2Gold Corp. (NYSEAMERICAN:BTG) stands against the other stocks.
Wall Street's main indices all finished in the green territory on Wednesday, as investors cheered an unexpectedly slower inflation rate in December.
The Dow Jones jumped by 1.65 percent, while the S&P surged by 1.83 percent. Meanwhile, the Nasdaq Composite index soared 2.45 percent.
Ten companies under mixed sectors bucked an overall positive market sentiment amid a series of negative factors weighing on investor sentiment.
In this article, let’s take a look at the reasons that dragged their shares performance.
To come up with the losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
Aerial view of a gold mine in Mali, showing the scale of the mining operations.
B2Gold Corp. (NYSEAMERICAN:BTG)
B2Gold Corp. (NYSEAMERICAN:BTG) dropped its share prices on Wednesday by 2.79 percent to finish at $2.44 apiece after analysts downgraded their rating for the company.
On Tuesday, B2Gold (BTG) earned a downgraded outlook from BMO Capital Markets, slashing its price target for the company to $7 from $8.5 apiece, after its production report for the fourth quarter of the year stood at only 186,000 ounces of gold, falling short of the 204,600 ounces estimated.
For the full year, B2Gold Corp. (NYSEAMERICAN:BTG)'s production reached 804,800 ounces, hitting the lower spectrum of its revised annual guidance, which ranged from 800,000 to 870,000 ounces.
Banking firm Canadian Imperial Bank of Commerce (CIBC) also issued a pessimistic outlook for B2Gold (BTG), cutting its price forecast to $3.3 from $3.7 previously and providing it a “neutral” rating.
Overall BTG ranks 5th on our list of Wednesday's losers. While we acknowledge the potential of BTG as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than BTG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.