The Gold Road Resources Ltd (ASX: GOR) share price has been hammered on Wednesday. This comes as ASX gold shares sink lower. Additionally, an insider is also selling down their shareholding.
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What's driving the Gold Road share price lower?
The only update from the Aussie gold miner was a Change of Director's Interest Notice. The update informed the market that the Netscher Family Superannuation Fund had sold 320,000 shares at $1.29 per share.
Mr Timothy Netscher, Gold Road's Chairman, is the sole beneficiary of the fund. The Gold Road share price has taken a tumble today and was trading down 5% at the time of writing.
The 320,000 on-market share sale means the super fund will retain a 463,000 stake in the group. However, it may not be just the insider sale that's causing the Gold Road share price to tumble today.
Gold Road and St Barbara Ltd (ASX: SBM) are leading the ASX gold shares lower today in a tough day for investors. The St Barbara share price is down 8.0% after hitting a new 52-week low earlier in the session.
That came on the back of a production fall in the gold miner's latest quarterly numbers. In fact, production fell and costs increased 8.7% for the quarter in bad news for shareholders. Gold sales fell 28.3% to 71,329 ounces versus the December quarter. St Barbara recorded an average realised gold price up 5.7% to $2,247 per ounce in a silver lining for shareholders.
Gold investors may be looking at the St Barbara result as indicative of broader market conditions.
The Gold Road share price remains under pressure in 2021 and is down 11.8% to $1.24 per share. That leaves the company's market capitalisation at $1.1 billion with shares trading at 13.5 times earnings.
Today's weak St Barbara result and insider on-market share sale have pushed the Gold Road share price lower in a disappointing trading day for the ASX gold miner.
