MAG Silver Corp (MVG) Announces Quarterly Earnings Results, Hits Estimates
MAG Silver Corp (NYSE:MVG) released its earnings data on Friday. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03), American Banking and Market News reports.
MVG has been the subject of a number of recent research reports. Analysts at BMO Capital Markets reiterated an “outperform” rating on shares of MAG Silver Corp in a research note on Thursday, July 17th. On a related note, 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 analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $11.30.
MAG Silver Corp (NYSE:MVG) opened at 9.38 on Friday. MAG Silver Corp has a 1-year low of $4.87 and a 1-year high of $10.64. The stock’s 50-day moving average is $9.25 and its 200-day moving average is $8.03. The company’s market cap is $565.5 million. MAG Silver Corp also was the target of a significant decrease in short interest in July. As of July 31st, there was short interest totalling 267,772 shares, a decrease of 63.0% from the July 15th total of 723,525 shares. Currently, 0.5% of the company’s stock are short sold. Based on an average daily volume of 58,684 shares, the days-to-cover ratio is currently 4.6 days.
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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