Rio2 (CVE:RIO) has been assigned a C$1.54 price objective by Fundamental Research in a research note issued on Friday. The brokerage currently has a “buy” rating on the stock. Fundamental Research’s price objective points to a potential upside of 126.47% from the company’s previous close.
Shares of CVE RIO remained flat at $C$0.68 during mid-day trading on Friday. 5,000 shares of the company traded hands, compared to its average volume of 94,352. Rio2 has a twelve month low of C$0.48 and a twelve month high of C$1.15.
Rio2 (CVE:RIO) last released its earnings results on Tuesday, August 14th. The company reported C($0.04) earnings per share for the quarter.
In related news, Director Alexander Black bought 76,000 shares of Rio2 stock in a transaction that occurred on Wednesday, September 26th. The stock was acquired at an average price of C$0.59 per share, for a total transaction of C$44,840.00. In the last quarter, insiders purchased 201,300 shares of company stock valued at $90,665.
Rio2 Limited operates as a precious metals company with focus on the Americas. It holds interest in the Cerro Maricunga gold project that covers an area of 16,085 hectares located in the Atacama Region. The company also holds an option to acquire rights and interests in seven gold exploration prospects totaling approximately 19,000 hectares located in Peru, as well as applied for 10,000 hectares of exploration concessions located in Nicaragua.
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