First Majestic Silver (NYSE:AG) Shares Gap Up to $9.21

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares gapped up prior to trading on Wednesday . The stock had previously closed at $8.92, but opened at $9.21. First Majestic Silver shares last traded at $9.48, with a volume of 3,468,092 shares changing hands.

Several equities analysts have recently issued reports on AG shares. ValuEngine cut First Majestic Silver from a “strong-buy” rating to a “buy” rating in a research note on Monday. TheStreet upgraded First Majestic Silver from a “d+” rating to a “c-” rating in a research note on Thursday, July 18th. B. Riley lifted their price objective on First Majestic Silver from $5.95 to $8.20 and gave the company a “neutral” rating in a research note on Monday, September 9th. HC Wainwright boosted their target price on First Majestic Silver from $8.00 to $11.50 and gave the stock a “buy” rating in a research note on Monday, August 19th. Finally, Zacks Investment Research cut First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. First Majestic Silver presently has a consensus rating of “Buy” and a consensus price target of $9.11.

The firm has a 50 day moving average of $10.18 and a two-hundred day moving average of $7.99. The stock has a market cap of $1.92 billion, a PE ratio of -46.00 and a beta of -0.03. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.13 and a quick ratio of 2.66.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results on Wednesday, August 7th. The mining company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $83.67 million for the quarter, compared to analysts’ expectations of $87.77 million. First Majestic Silver had a negative return on equity of 3.57% and a negative net margin of 50.33%. During the same quarter in the previous year, the firm earned ($0.07) EPS. As a group, equities analysts anticipate that First Majestic Silver Corp. will post 0.06 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of AG. Nordea Investment Management AB purchased a new stake in First Majestic Silver during the first quarter worth approximately $27,000. Resources Investment Advisors LLC. lifted its stake in First Majestic Silver by 281.3% in the second quarter. Resources Investment Advisors LLC. now owns 6,100 shares of the mining company’s stock valued at $48,000 after buying an additional 4,500 shares during the last quarter. CoreCommodity Management LLC purchased a new stake in First Majestic Silver in the second quarter valued at approximately $96,000. Paloma Partners Management Co purchased a new stake in First Majestic Silver in the second quarter valued at approximately $96,000. Finally, FNY Investment Advisers LLC purchased a new stake in First Majestic Silver in the second quarter valued at approximately $102,000. Hedge funds and other institutional investors own 27.21% of the company’s stock.

About First Majestic Silver (NYSE:AG)

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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