Evolution Mining (ASX:EVN) share price hits 52-week low

It's not a good day for the Evolution share price.

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The Evolution Mining Ltd (ASX: EVN) share price has tumbled again today, hitting a new 52-week low.

The plunge has come despite an announcement that the company's director bought shares in the company yesterday afternoon.

At the time of writing, the Evolution share price is $3.64, 3.19% lower than its previous close.

However, earlier today, Evolution's shares were trading for $3.60 – a new 52-week low.

Let's take a look at the latest news from the gold producer and what might be dragging on its share price.

Red arrow on gold bars going down.

Image source: Getty Images

What's driving Evolution's stock down today?

The Evolution share price is in the red again today following its 1% dip yesterday.

Today's drop coincides with a falling gold price. Right now, the price of gold is down 0.01% to US$1749.60 an ounce.

According to Kitco, sentiment in the United States' manufacturing and mining segment has seen the gold price "unable to find any bullish traction" lately.

Even news of a director purchase hasn't been enough to boost the Evolution share price.

Less than 90 minutes before the ASX closed on Thursday, Evolution released news its director, Vicky Bins, had purchased 13,140 shares in Evolution through an indirect trust account for $49,932.

Generally, a director buying into a company is seen as a sign they have confidence in the business and that the company's stock will gain in the future.

However, the positive indication hasn't bolstered the market's confidence in Evolution's stock, the value of which has now fallen 9.7% since this time last month.

Evolution share price snapshot

2021 hasn't been a good year for the Evolution share price.

It has fallen a whopping 30% since the start of this year. It is also 34% lower than it was this time last year.

The company has a market capitalisation of around $9.9 billion, with approximately 1.8 billion shares outstanding.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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