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Equities research analysts at HC Wainwright initiated coverage on shares of Avalon Rare Metals (NYSE:AVL) in a research note issued to investors on Thursday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $1.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 123.71% from the company’s current price.

Shares of Avalon Rare Metals (NYSE:AVL) opened at 0.447 on Thursday. Avalon Rare Metals has a 52-week low of $0.44 and a 52-week high of $1.07. The stock has a 50-day moving average of $0.4 and a 200-day moving average of $0.55. The company’s market cap is $56.5 million. Avalon Rare Metals also was the target of a significant decline in short interest in June. As of June 30th, there was short interest totalling 3,482,998 shares, a decline of 1.0% from the June 13th total of 3,518,553 shares. Based on an average daily volume of 349,571 shares, the days-to-cover ratio is currently 10.0 days. Approximately 3.2% of the company’s stock are sold short.

Avalon Rare Metals (NYSE:AVL) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported ($0.02) earnings per share for the quarter, meeting the analysts’ consensus estimate of ($0.02). Analysts expect that Avalon Rare Metals will post $-0.07 EPS for the current fiscal year.

Avalon Rare Metals Inc (NYSE:AVL) is a Canada-based mineral exploration and development company.

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