Silvercorp Metals (NYSEAMERICAN:SVM) Shares Gap Up – Here’s Why

Silvercorp Metals Inc. (NYSEAMERICAN:SVM)’s share price gapped up prior to trading on Friday . The stock had previously closed at $4.71, but opened at $4.99. Silvercorp Metals shares last traded at $5.00, with a volume of 1,313,556 shares trading hands.

Analysts Set New Price Targets

Separately, Roth Mkm cut their price objective on shares of Silvercorp Metals from $6.00 to $5.10 and set a “buy” rating on the stock in a report on Wednesday, August 21st.

Silvercorp Metals Stock Performance

The stock has a market capitalization of $1.11 billion, a P/E ratio of 18.67 and a beta of 1.35.

Silvercorp Metals (NYSEAMERICAN:SVM) last released its earnings results on Tuesday, August 13th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. Silvercorp Metals had a return on equity of 7.95% and a net margin of 21.57%. The company had revenue of $72.17 million during the quarter, compared to the consensus estimate of $72.00 million. On average, analysts forecast that Silvercorp Metals Inc. will post 0.35 earnings per share for the current year.

Hedge Funds Weigh In On Silvercorp Metals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SVM. Tidal Investments LLC purchased a new stake in shares of Silvercorp Metals in the first quarter valued at $17,619,000. Acadian Asset Management LLC boosted its holdings in shares of Silvercorp Metals by 1,218.7% during the second quarter. Acadian Asset Management LLC now owns 1,354,921 shares of the company’s stock worth $4,520,000 after purchasing an additional 1,252,174 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Silvercorp Metals by 4.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,670,682 shares of the company’s stock valued at $15,226,000 after purchasing an additional 199,916 shares during the period. TD Asset Management Inc acquired a new position in Silvercorp Metals in the second quarter valued at $568,000. Finally, Renaissance Technologies LLC lifted its position in Silvercorp Metals by 2.4% during the second quarter. Renaissance Technologies LLC now owns 4,636,096 shares of the company’s stock worth $15,577,000 after buying an additional 110,200 shares during the period. Institutional investors and hedge funds own 22.30% of the company’s stock.

About Silvercorp Metals

Silvercorp Metals Inc, together with its subsidiaries, engages in the acquisition, exploration, development, and mining of mineral properties in China. The company primarily explores for silver, gold, lead, and zinc metals. It holds a 100% interest in the Kuanping silver-lead-zinc-gold project located in located in Shanzhou District, Sanmenxia City, Henan Province, China; Ying project located in the Ying Mining District in Henan Province, China; Gaocheng (GC) mine located in Guangdong Province, China; and Baiyunpu (BYP) mine located in Hunan Province, China.