Integra Resources (NYSEAMERICAN:ITRG) Shares Up 4.8% – Here’s What Happened

Integra Resources Corp. (NYSEAMERICAN:ITRG) shares shot up 4.8% during mid-day trading on Friday. The stock traded as high as $2.54 and last traded at $2.5250. Approximately 440,106 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 2,742,783 shares. The stock had previously closed at $2.41.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ITRG. Roth Capital set a $5.00 price objective on shares of Integra Resources in a report on Monday, July 27th. Zacks Research upgraded Integra Resources from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 25th. Finally, HC Wainwright reissued a “buy” rating and set a $6.75 target price on shares of Integra Resources in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

Integra Resources Stock Up 1.0%

The stock has a 50-day moving average of $2.71 and a two-hundred day moving average of $2.61. The company has a market cap of $494.01 million, a P/E ratio of 60.89 and a beta of 0.86. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.42 and a current ratio of 5.31.

Integra Resources (NYSEAMERICAN:ITRG) last issued its earnings results on Tuesday, August 11th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.01). Integra Resources had a return on equity of 26.86% and a net margin of 4.14%. The firm had revenue of $69.42 million during the quarter, compared to the consensus estimate of $82.69 million. On average, research analysts anticipate that Integra Resources Corp. will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Integra Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its holdings in shares of Integra Resources by 2.8% during the second quarter. Van ECK Associates Corp now owns 4,916,009 shares of the company’s stock valued at $11,150,000 after purchasing an additional 131,947 shares during the last quarter. Montrusco Bolton Investments Inc. bought a new stake in shares of Integra Resources in the 1st quarter valued at approximately $7,195,000. Renaissance Technologies LLC increased its stake in Integra Resources by 287.8% in the 1st quarter. Renaissance Technologies LLC now owns 2,096,899 shares of the company’s stock worth $5,725,000 after buying an additional 1,556,199 shares during the period. BlackRock Inc. bought a new stake in Integra Resources during the 2nd quarter valued at $3,939,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Integra Resources by 44.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,502,772 shares of the company’s stock valued at $4,090,000 after purchasing an additional 460,011 shares in the last quarter. 26.67% of the stock is owned by institutional investors.

Integra Resources Company Profile

Integra Resources Corp. is a precious metals exploration and development company focused on advancing gold and silver projects in the United States. The company’s primary asset is the DeLamar Project in southwestern Idaho, which includes the DeLamar and Florida Mountain deposits in Owyhee County.

DeLamar is a past-producing mining district with existing mineral resources and infrastructure from historical operations. Integra is evaluating the project’s potential through exploration, technical studies, permitting and mine-development planning, with the goal of establishing a modern open-pit mining and processing operation.