MAG Silver Corp Sees Large Decline in Short Interest (MVG)
Shares of MAG Silver Corp (NYSE:MVG) were the recipient of a significant decline in short interest in July. As of July 31st, there was short interest totalling 267,772 shares, a decline of 63.0% from the July 15th total of 723,525 shares, AR Network reports. Based on an average daily volume of 58,684 shares, the days-to-cover ratio is currently 4.6 days. Currently, 0.5% of the shares of the stock are sold short.
Several analysts have recently commented on the stock. Analysts at BMO Capital Markets reiterated an “outperform” rating on shares of MAG Silver Corp in a research note on Thursday, July 17th. Separately, 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. Finally, 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. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $11.30.
MAG Silver Corp (NYSE:MVG) opened at 9.14 on Tuesday. MAG Silver Corp has a 52 week low of $4.87 and a 52 week high of $10.64. The stock’s 50-day moving average is $9.33 and its 200-day moving average is $7.99. The company’s market cap is $551.0 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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