MAG Silver Corp (NYSEAMERICAN:MAG) was the target of a large growth in short interest in January. As of January 31st, there was short interest totalling 3,075,023 shares, a growth of 9.0% from the January 15th total of 2,821,833 shares. Based on an average daily volume of 272,240 shares, the days-to-cover ratio is currently 11.3 days.
MAG has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of MAG Silver from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Wednesday, January 9th. BMO Capital Markets restated a “buy” rating on shares of MAG Silver in a report on Monday, December 17th. Finally, HC Wainwright set a $19.00 price objective on shares of MAG Silver and gave the stock a “buy” rating in a report on Wednesday, November 14th.
Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in MAG Silver by 124.7% during the second quarter. BlackRock Inc. now owns 15,236 shares of the company’s stock worth $165,000 after purchasing an additional 8,454 shares during the last quarter. Bank of America Corp DE boosted its holdings in MAG Silver by 257.5% during the second quarter. Bank of America Corp DE now owns 12,294 shares of the company’s stock worth $133,000 after purchasing an additional 8,855 shares during the last quarter. Millennium Management LLC acquired a new position in MAG Silver during the second quarter worth $1,425,000. Oppenheimer & Co. Inc. boosted its holdings in MAG Silver by 15.0% during the third quarter. Oppenheimer & Co. Inc. now owns 295,383 shares of the company’s stock worth $2,395,000 after purchasing an additional 38,450 shares during the last quarter. Finally, Signition LP acquired a new position in MAG Silver during the third quarter worth $109,000.
MAG Silver (NYSEAMERICAN:MAG) last released its quarterly earnings results on Tuesday, November 13th. The company reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.03.
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About MAG Silver
MAG Silver Corp. focuses on acquiring, exploring, and development of mineral properties in Canada. It explores for copper, gold, silver, lead, and zinc deposits. The company primarily holds interests in the Juanicipio property covering 7,679 hectares located in the Fresnillo District, Zacatecas State, Mexico.
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