Ioannou Sticks to SURG Buy Rating Amid Recent Losses

ATB Cormark Capital Markets analyst Stefan Ioannou has maintained his Buy rating on Surge Copper Corp (SURG) and set a price target of C$2.25. The company's shares closed at C$0.51 yesterday.

Ioannou, who is a 4-star analyst with an average return of 15.7% and a 46.15% success rate according to TipRanks, believes in the company's growth potential.

According to the latest earnings release for the quarter ending June 30, Surge Copper Corp reported a quarterly GAAP net loss of C$1.31 million, compared to last year's C$650.45 thousand.

However, corporate insider activity suggests a negative sentiment towards the stock, with an increase in insiders selling their shares over the past quarter.