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Golden Star Resources (NYSEAMERICAN:GSS) Stock Rating Upgraded by Zacks Investment Research

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Zacks Investment Research upgraded shares of Golden Star Resources (NYSEAMERICAN:GSS) from a sell rating to a hold rating in a report published on Wednesday morning, Zacks.com reports.

According to Zacks, “GOLDEN STAR RES is an un-hedged gold producer they own the Wassa gold project in Ghana and control a number of gold exploration properties in West Africa. The Company is well funded and has strong, operational focused management experienced in West Africa. The Company has become a producing gold company by consolidating a long-lived production base at Bogoso/Prestea in Ghana. Going forward, the Company will continue to focus on growing its gold business. “

A number of other analysts have also commented on the stock. BMO Capital Markets lowered shares of Golden Star Resources from an outperform rating to a market perform rating in a research note on Monday, November 1st. downgraded Golden Star Resources from a buy rating to a hold rating in a report on Wednesday, November 3rd. CIBC restated a hold rating and issued a C$5.50 price objective on shares of Golden Star Resources in a report on Thursday, October 28th. Finally, National Bank Financial downgraded Golden Star Resources to an outperform rating in a report on Tuesday, November 2nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $5.20.

Shares of GSS opened at $3.85 on Wednesday. Golden Star Resources has a 52-week low of $2.04 and a 52-week high of $4.04. The company has a debt-to-equity ratio of 3.61, a current ratio of 1.44 and a quick ratio of 0.95. The stock has a market capitalization of $445.91 million, a P/E ratio of -38.50 and a beta of 0.99.

A number of hedge funds have recently modified their holdings of GSS. Renaissance Technologies LLC lifted its holdings in shares of Golden Star Resources by 3.4% during the second quarter. Renaissance Technologies LLC now owns 3,644,926 shares of the company’s stock valued at $10,314,000 after acquiring an additional 119,567 shares during the period. Bank of Montreal Can increased its stake in shares of Golden Star Resources by 7.8% in the second quarter. Bank of Montreal Can now owns 99,195 shares of the company’s stock valued at $259,000 after buying an additional 7,207 shares in the last quarter. Jump Financial LLC increased its stake in shares of Golden Star Resources by 44.8% in the second quarter. Jump Financial LLC now owns 22,300 shares of the company’s stock valued at $63,000 after buying an additional 6,900 shares in the last quarter. Toroso Investments LLC acquired a new stake in shares of Golden Star Resources in the second quarter valued at $43,000. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Golden Star Resources by 135.3% in the second quarter. BNP Paribas Arbitrage SA now owns 18,692 shares of the company’s stock valued at $53,000 after buying an additional 10,748 shares in the last quarter. 26.31% of the stock is owned by hedge funds and other institutional investors.

About Golden Star Resources

Golden Star Resources Ltd. engages in gold mining and exploration activities. It owns and operates the Wassa and Prestea mines situated in Ghana. The firm also operates through the following segments: Wassa, Bogoso or Prestea, Other, and Corporate. The company was founded by David A. Fennell on May 15, 1992 and is headquartered in Toronto, Canada.

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