Barrick Surges 3.63% on 44.28% Volume Spike as Analysts Clash Top 500 By Volume Strategy Yields 0.98% Daily Return

On August 20, 2025, Barrick Mining (NYSE:B) surged 3.63% with a trading volume of $0.57 billion, marking a 44.28% increase from the prior day. The stock reached a 52-week high of $24.49, reflecting renewed investor interest amid mixed fundamental updates.

Analyst activity highlighted divergent views. CIBC upgraded Barrick to "Strong-Buy," while Scotiabank raised its price target to $26, signaling optimism about long-term growth. National Bank Financial revised its 2027 earnings forecast higher, citing stronger production potential. Conversely, Cormark and Raymond James cut near-term earnings estimates, pointing to cost pressures and operational challenges.

Market dynamics further influenced sentiment. Unusually high call options trading—over 91,000 contracts—suggested bullish positioning. Meanwhile, Barrick’s $3.5 billion financing request for its Reko Diq copper project underscored expansion ambitions but introduced uncertainty over capital allocation efficiency.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day from 2022 to now delivered moderate returns. The 1-day return was 0.98%, with a total return of 31.52% over 365 days. This indicates the strategy captured some short-term momentum but also reflected market volatility and potential timing risks.