Stornoway Diamond Co. (TSE:SWY) was downgraded by investment analysts at Royal Bank Of Canada from a “sector perform” rating to an “underperform” rating in a report issued on Thursday. They currently have a C$0.60 price objective on the stock, down from their previous price objective of C$0.90. Royal Bank Of Canada’s target price suggests a potential downside of 24.05% from the company’s previous close.
Separately, TD Securities decreased their target price on Stornoway Diamond from C$0.90 to C$0.85 and set a “hold” rating for the company in a research report on Tuesday, August 15th.
Stornoway Diamond (TSE SWY) traded down 5.06% on Thursday, reaching $0.75. 1,027,271 shares of the company traded hands. The firm has a 50 day moving average price of $0.76 and a 200 day moving average price of $0.79. Stornoway Diamond has a 52-week low of $0.69 and a 52-week high of $1.33. The stock has a market capitalization of $622.04 million and a price-to-earnings ratio of 18.29.
About Stornoway Diamond
Stornoway Diamond Corp is a Canada-based diamond exploration and development company. The Company is principally engaged in the acquisition, exploration and development of diamond properties. The Company’s principal focus is its Renard Diamond Project located in north-central Quebec, a project in construction.
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