MAG Silver Corp Sees Large Drop in Short Interest (MVG)
MAG Silver Corp (NYSE:MVG) was the recipient of a significant drop in short interest in June. As of June 30th, there was short interest totalling 376,652 shares, a drop of 13.9% from the June 13th total of 437,338 shares, AnalystRatings.NET reports. Based on an average daily volume of 131,809 shares, the short-interest ratio is currently 2.9 days. Approximately 0.8% of the company’s stock are short sold.
A number of research firms have recently commented on MVG. Analysts at Pi Financial downgraded shares of MAG Silver Corp from a “buy” rating to a “neutral” rating in a research note on Monday, July 7th. Separately, analysts at TD Securities initiated coverage on shares of MAG Silver Corp in a research note on Thursday, June 19th. They set a “speculative buy” rating and a C$14.00 price target on the stock. Finally, analysts at Raymond James raised their price target on shares of MAG Silver Corp from C$11.00 to C$12.00 in a research note on Wednesday, May 28th. They now have an “outperform” rating on the stock. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. MAG Silver Corp currently has a consensus rating of “Buy” and an average price target of $10.70.
MAG Silver Corp (NYSE:MVG) opened at 9.47 on Monday. MAG Silver Corp has a 52-week low of $4.87 and a 52-week high of $10.64. The stock has a 50-day moving average of $8.78 and a 200-day moving average of $7.49. The company’s market cap is $570.9 million.
MAG Silver Corp. is focused on advancing two projects located within the Mexican Silver Belt. Currently, it is in pre-development on the high grade Valdecanas Silver vein and delineating the Desprendido and Juanicipio discoveries in Zacatecas State, all within the joint venture between MAG Silver (NYSE:MVG) and Fresnillo PLC (56%).
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