First Majestic Silver Corp. (NYSE:AG) (TSE:FR) saw a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 23,600,000 shares, a growth of 14.6% from the January 15th total of 20,590,000 shares. Based on an average trading volume of 4,380,000 shares, the days-to-cover ratio is presently 5.4 days. Currently, 13.1% of the shares of the company are sold short.
Several research analysts have recently weighed in on the company. ValuEngine downgraded First Majestic Silver from a “hold” rating to a “sell” rating in a research note on Tuesday, February 4th. B. Riley cut their target price on First Majestic Silver from $8.10 to $6.40 and set a “neutral” rating for the company in a research note on Thursday, February 6th. HC Wainwright restated a “buy” rating and issued a $11.50 target price on shares of First Majestic Silver in a research note on Friday, November 8th. Finally, Zacks Investment Research downgraded First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Friday, January 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $9.97.
Shares of NYSE AG opened at $9.60 on Friday. First Majestic Silver has a 52 week low of $5.48 and a 52 week high of $12.69. The business has a 50-day simple moving average of $10.69 and a two-hundred day simple moving average of $10.43. The company has a quick ratio of 3.14, a current ratio of 3.69 and a debt-to-equity ratio of 0.24. The company has a market cap of $2.04 billion, a P/E ratio of -11.16 and a beta of 0.35.
Hedge funds and other institutional investors have recently modified their holdings of the business. Advisory Services Network LLC boosted its stake in First Majestic Silver by 2,903.2% in the 4th quarter. Advisory Services Network LLC now owns 5,706 shares of the mining company’s stock worth $70,000 after purchasing an additional 5,516 shares during the period. Russell Investments Group Ltd. bought a new position in First Majestic Silver in the 4th quarter worth about $115,000. Signition LP bought a new position in First Majestic Silver in the 4th quarter worth about $125,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in First Majestic Silver by 17.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,302 shares of the mining company’s stock worth $103,000 after purchasing an additional 1,646 shares during the period. Finally, Niemann Capital Management Inc. bought a new position in First Majestic Silver in the 4th quarter worth about $146,000. Institutional investors and hedge funds own 29.79% of the company’s stock.
About First Majestic Silver
First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. It owns and operates six silver producing mines, including the Santa Elena Silver/Gold Mine covering an area of 101,837 hectares located in Sonora; La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila; La Parrilla Silver Mine covering an area of 69,478 hectares located in Durango; Del Toro Silver Mine covering an area of 2,159 hectares situated in Zacatecas; San Martin Silver Mine covering an area of 38,512 hectares located in Jalisco; and La Guitarra Silver Mine that consists of 39,714 hectares situated in México State.
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