Why Sandstorm Gold Ltd. (SAND) Went Up On Tuesday?

We recently published a list of Pulse of The Market: Tuesday’s 10 Top Performers. In this article, we are going to take a look at where Sandstorm Gold Ltd. (NYSE:SAND) stands against other Tuesday’s top performers.

A lackluster trading persisted on the stock market on Tuesday, with all major indices finishing in the green territory, but eked out only slight gains.

The tech-heavy Nasdaq rallied the most, up 0.46 percent, followed by the S&P 500 with 0.16 percent, and the Dow Jones with a marginal 0.01 percent.

Despite the muted trading, investors poured funds into several companies, pushing their prices to achieve modest gains. In this article, we listed the 10 top performers today and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

A panoramic view of a gold mine, highlighting the company’s global mining operations.

Sandstorm Gold Ltd. (NYSE:SAND)

Shares of Sandstorm Gold soared to a new high of $7.44 on Tuesday, before a slight sell-off pulled the company’s stock price to end the day just up by 7.59 percent at $7.37 apiece, signaling investor confidence.

At its current valuation, analysts said SAND’s stocks are already overvalued.

In other news, SAND renewed its share buyback program for its Canadian stocks, saying they were undervalued.

In Canada, the company resumed a buyback program of up to 20 million common shares, representing 7 percent of the company’s issued and outstanding common shares.

SAND is a precious metals-focused royalty company that provides upfront financing to mining companies and receives the right to a percentage of production from a mine, for the life of the mine. Sandstorm holds a portfolio of over 230 royalties, of which 41 of the underlying mines are producing.

Overall, SAND ranks 3rd on our list of Tuesday’s top performers. While we acknowledge the potential of SAND as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as SAND but 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.