IAMGOLD $IAG Stock Jumps Above 200 Day Moving Average, Dark Pool Trade

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IAMGOLD $IAG stock broke above its 200 day moving average on December 20, 2022. The stock is trading in an uptrend channel and is in a technical strong uptrend. A dark pool trade also occurred in $IAG stock.

IAMGOLD stock chart on December 20 2022 with a break above its 200 day MA and trading in an uptrend channel
IAMGOLD stock chart on December 20 2022 with a break above its 200 day MA and trading in an uptrend channel

Dark Pool Trading In $IAG Stock

A dark pool trade occurred in $IAG stock on December 16, 2022. The trade was valued at $4 million. We think the dark pool trade was a buy order because $IAG stock rose following the trade hitting the tape.

IAMGOLD stock chart on December 20 2022 with a dark pool trade shown with an orange bar
IAMGOLD stock chart on December 20 2022 with a dark pool trade shown with an orange bar

Make sure to review this lesson on dark pool trading so that you understand the chart above.

A narrative emerges that either Stifel or another institutional investor increased a long position on the Stifel analyst upgrade.

Stifel upgrades IAMGold

IAMGold was upgraded by Stifel analyst Ingrid Rico on December 20, 2022, from Sell to Hold with a C$3.25 price target. According to the analyst, IAMGold has addressed its significant funding risk after three transactions and is now focusing on executing and delivering on Cote and regaining its operational track record. Rico now believes that the business has secured enough funding thanks to financing deals and proceeds from asset sales.

IAMGold agrees to sell its Boto Gold project to Managem for $282 Million

IAMGOLD declares on December 20, 2022, that it has signed binding contracts with Managem to sell the Company’s interests in its exploration and development projects in Senegal, Mali, and Guinea for a total consideration of about $282 million. In accordance with the terms of the agreements, IAMGOLD will get total cash payments of roughly $282 million in exchange for the shares and subsidiary loans of the organizations that own the Company’s 90% interest in the Boto Gold Project in Senegal and 100% interest in each of the following: the early stage exploration properties of Boto West, Senala West, Daorala, and the vested interest in the Senala Option Earn-in Joint Venture, all in Senegal; the Diakha-Siribaya Gold Project in Mali; the Karita Gold Project and associated exploration properties in Guinea; and the Diakha-Siribaya Gold Project and allied exploration properties in Guinea. The Senegali government will continue to hold the remaining 10% of Boto. Changes in intercompany loans related to ongoing project development between the date of the definitive agreement announcement and the closing of the corresponding asset sales could affect the $282 million total consideration. The transactions are subject to certain regulatory approvals, including, where applicable, consent from the governments of Senegal, Mali, and Guinea for the transfer of permits and licenses, as well as other customary closing conditions, including IAMGOLD’s lender syndicate’s approval. Upon satisfaction of the necessary regulatory requirements, the various transactions’ components should close. This is anticipated to happen between the second and early third quarters of 2023.

Gold could see ‘Goldilocks conditions’ in 2023, strategist says

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