MAG Silver (NYSEAMERICAN:MAG) Shares Gap Up – Here’s Why

MAG Silver Corp. (NYSEAMERICAN:MAG)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $14.74, but opened at $15.09. MAG Silver shares last traded at $14.43, with a volume of 96,403 shares.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $21.00 target price on shares of MAG Silver in a research report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $18.63.

MAG Silver Stock Performance

The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of 20.45 and a beta of 1.09.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MAG. First Eagle Investment Management LLC lifted its position in MAG Silver by 46.4% in the 4th quarter. First Eagle Investment Management LLC now owns 7,839,793 shares of the company’s stock worth $106,379,000 after buying an additional 2,486,538 shares during the last quarter. Tidal Investments LLC raised its holdings in MAG Silver by 3.6% during the 3rd quarter. Tidal Investments LLC now owns 2,810,051 shares of the company’s stock valued at $39,453,000 after buying an additional 98,312 shares during the last quarter. Sprott Inc. grew its holdings in MAG Silver by 8.5% in the 4th quarter. Sprott Inc. now owns 2,649,507 shares of the company’s stock worth $36,004,000 after acquiring an additional 208,252 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of MAG Silver by 6.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,161,605 shares of the company’s stock worth $15,762,000 after acquiring an additional 73,205 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in shares of MAG Silver by 3,324.7% in the 4th quarter. Millennium Management LLC now owns 886,203 shares of the company’s stock valued at $12,052,000 after purchasing an additional 860,326 shares during the period. Hedge funds and other institutional investors own 52.50% of the company’s stock.

MAG Silver Company Profile

MAG Silver Corp. develops and explores for precious metal properties in Canada. It explores for silver, gold, lead, copper, and zinc deposits. The company's flagship property is the 44% owned Juanicipio property located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp. is headquartered in Vancouver, Canada.