MAG Silver (NYSEAMERICAN:MAG) Sees Unusually-High Trading Volume

Posted by on Jun 21st, 2022

Shares of MAG Silver Corp. (NYSEAMERICAN:MAG – Get Rating) saw unusually-high trading volume on Tuesday . Approximately 19,296 shares changed hands during mid-day trading, a decline of 96% from the previous session’s volume of 512,472 shares.The stock last traded at $12.88 and had previously closed at $12.56.

MAG has been the subject of a number of research analyst reports. TD Securities reduced their target price on MAG Silver from C$31.00 to C$28.00 in a report on Wednesday, May 18th. HC Wainwright reduced their target price on MAG Silver from $22.00 to $21.50 and set a “buy” rating for the company in a report on Monday, April 4th. Stifel Nicolaus cut their price objective on MAG Silver from C$30.50 to C$30.00 in a report on Wednesday, April 27th. National Bank Financial cut their price objective on MAG Silver from C$30.00 to C$28.25 in a report on Wednesday, April 20th. Finally, Raymond James lifted their price objective on MAG Silver from C$28.00 to C$29.00 in a report on Wednesday, April 20th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $27.18.

The stock has a market capitalization of $1.31 billion, a P/E ratio of 157.02 and a beta of 1.10.

MAG Silver (NYSEAMERICAN:MAG – Get Rating) last posted its earnings results on Thursday, March 31st. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05.

Hedge funds and other institutional investors have recently modified their holdings of the business. ETF Managers Group LLC grew its stake in shares of MAG Silver by 52.7% during the fourth quarter. ETF Managers Group LLC now owns 4,358,743 shares of the company’s stock valued at $67,502,000 after buying an additional 1,505,098 shares during the last quarter. BlackRock Inc. bought a new position in shares of MAG Silver during the fourth quarter valued at approximately $10,405,000. First Eagle Investment Management LLC grew its stake in shares of MAG Silver by 17.3% during the first quarter. First Eagle Investment Management LLC now owns 4,065,021 shares of the company’s stock valued at $65,813,000 after buying an additional 600,000 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of MAG Silver by 13.5% during the first quarter. Van ECK Associates Corp now owns 4,751,144 shares of the company’s stock valued at $76,826,000 after buying an additional 566,717 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of MAG Silver by 362.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 634,985 shares of the company’s stock valued at $10,277,000 after buying an additional 497,573 shares during the last quarter. 48.55% of the stock is currently owned by institutional investors.

About MAG Silver (NYSEAMERICAN:MAG)

MAG Silver Corp. engages in the exploration and development of precious metal mining properties. The company explores for silver, gold, lead, and zinc deposits. It primarily holds 44% interest in the Juanicipio project located in the Fresnillo District, Zacatecas State, Mexico. The company is headquartered in Vancouver, Canada.

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