MAG Silver (NYSEAMERICAN:MAG) Shares Gap Up – What’s Next?

Shares of MAG Silver Corp. (NYSEAMERICAN:MAG) gapped up prior to trading on Monday . The stock had previously closed at $16.74, but opened at $17.52. MAG Silver shares last traded at $17.50, with a volume of 246,526 shares.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Scotiabank lifted their price objective on MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. HC Wainwright raised their target price on MAG Silver from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $18.00.

MAG Silver Stock Performance

The stock has a market cap of $1.79 billion, a PE ratio of 28.86 and a beta of 1.15.

MAG Silver (NYSEAMERICAN:MAG) last released its earnings results on Friday, August 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.02. On average, analysts anticipate that MAG Silver Corp. will post 0.69 EPS for the current year.

Hedge Funds Weigh In On MAG Silver

Several institutional investors and hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp increased its position in shares of MAG Silver by 7.5% during the first quarter. Van ECK Associates Corp now owns 9,981,600 shares of the company’s stock valued at $105,603,000 after acquiring an additional 696,140 shares in the last quarter. Jupiter Asset Management Ltd. raised its stake in shares of MAG Silver by 6.5% in the first quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock worth $26,584,000 after purchasing an additional 153,274 shares during the last quarter. Tidal Investments LLC bought a new position in shares of MAG Silver during the first quarter valued at $22,518,000. Azarias Capital Management L.P. boosted its position in shares of MAG Silver by 73.7% during the first quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock valued at $14,866,000 after buying an additional 596,283 shares during the last quarter. Finally, TD Asset Management Inc increased its holdings in MAG Silver by 118.3% in the 2nd quarter. TD Asset Management Inc now owns 1,063,055 shares of the company’s stock worth $12,415,000 after buying an additional 576,156 shares in the last quarter. 52.50% of the stock is currently owned by institutional investors.

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.