Rio2 (OTCMKTS:RIOFF) Stock Price Up 5.1% – Should You Buy?

Rio2 Limited (OTCMKTS:RIOFF) shot up 5.1% on Tuesday . The company traded as high as C$2.31 and last traded at C$2.28. 1,109,266 shares changed hands during trading, an increase of 227% from the average session volume of 338,760 shares. The stock had previously closed at C$2.17.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on RIOFF shares. Raymond James Financial reaffirmed an “outperform” rating on shares of Rio2 in a research report on Friday, October 10th. Cantor Fitzgerald downgraded shares of Rio2 to a “hold” rating in a research note on Tuesday, December 9th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Rio2 currently has an average rating of “Moderate Buy”.

Rio2 Price Performance

The company’s 50-day moving average is C$1.68 and its two-hundred day moving average is C$1.36.

About Rio2

Rio2 Ltd. (OTCMKTS: RIOFF) is a Canada-based mineral exploration and development company focused on advancing gold assets in Ecuador. Headquartered in Vancouver, British Columbia, Rio2’s primary objective is the development of its flagship Fenix Gold Project, a large-scale gold deposit located in the eastern portion of the country. The company’s activities span exploration, feasibility studies, and permitting, with an emphasis on moving the project toward production while maintaining compliance with local regulatory frameworks.

The Fenix Gold Project holds significant gold mineralization within multiple vein and stockwork zones hosted in volcanic and sedimentary units.