Is IAMGOLD Corporation (IAG) Among Wednesday’s Losers?

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 IAMGOLD Corporation (NYSE:IAG) 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 the Rosebel gold mine in Suriname with its open pits spanning across the landscape.

IAMGOLD Corporation (NYSE:IAG)

IAMGOLD Corporation (NYSE:IAG) dropped by 3.96 percent at $5.34 on Wednesday after earning downgraded ratings from investment research firms, discounting news of higher mining production in 2024.

On Wednesday, StockNews lowered its rating for the company to “hold” from “buy” previously, while research analysts at Raymond James slashed their price projection for the company to $6 from $6.5 apiece and gave the company an “underperform” rating.

Investors on Wednesday discounted news from the company that it achieved a 43-percent growth in mining production at 667,000 in 2024, thanks to strong production at its Essakane mine in Burkina Faso and the Westwood and Côté Gold mine in Canada.

Essakane was the top producer, contributing 409,000 attributable ounces. While head grades decreased slightly in the latter half of the year, planned waste stripping positioned the mine for stable 2025 production of 360,000–400,000 ounces.

Overall IAG ranks 2nd on our list of Wednesday’s losers. While we acknowledge the potential of IAG 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 IAG 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.