Richmont Mines Inc. (RIC) Short Interest Up 1,196.4% in September
Richmont Mines Inc. (NYSE:RIC) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 3,001,515 shares, a growth of 1,196.4% from the September 15th total of 231,532 shares. Currently, 5.2% of the company’s shares are sold short. Based on an average daily trading volume, of 2,273,143 shares, the days-to-cover ratio is presently 1.3 days.
RIC has been the subject of several recent analyst reports. BMO Capital Markets lowered shares of Richmont Mines from a “market perform” rating to an “underperform” rating in a research note on Thursday, September 29th. Zacks Investment Research raised shares of Richmont Mines from a “hold” rating to a “strong-buy” rating and set a $11.00 price objective for the company in a research note on Tuesday, July 19th. Canaccord Genuity reissued a “buy” rating and set a $17.00 target price (up from $15.50) on shares of Richmont Mines in a research note on Wednesday, August 10th. Scotiabank reissued a “sector perform” rating and set a $11.00 target price on shares of Richmont Mines in a research note on Sunday, July 10th. Finally, CIBC lowered shares of Richmont Mines from a “sector outperform” rating to a “sector perform” rating and boosted their target price for the company from $13.00 to $14.50 in a research note on Tuesday, August 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $14.16.
Several hedge funds have recently modified their holdings of RIC. James Investment Research Inc. increased its stake in shares of Richmont Mines by 13.2% in the second quarter. James Investment Research Inc. now owns 783,590 shares of the company’s stock worth $7,217,000 after buying an additional 91,130 shares during the period. Acadian Asset Management LLC increased its stake in shares of Richmont Mines by 2.0% in the second quarter. Acadian Asset Management LLC now owns 1,184,445 shares of the company’s stock worth $10,908,000 after buying an additional 23,485 shares during the period. Montrusco Bolton Investments Inc. increased its stake in shares of Richmont Mines by 160.5% in the second quarter. Montrusco Bolton Investments Inc. now owns 1,071,412 shares of the company’s stock worth $9,892,000 after buying an additional 660,193 shares during the period. Bank of Montreal Can bought a new stake in shares of Richmont Mines during the second quarter worth about $6,344,000. Finally, Alps Advisors Inc. bought a new stake in shares of Richmont Mines during the second quarter worth about $4,599,000.
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Richmont Mines (NYSE:RIC) traded down 1.76% during mid-day trading on Tuesday, hitting $8.37. The company had a trading volume of 283,635 shares. The company has a market capitalization of $524.71 million and a P/E ratio of 62.93. Richmont Mines has a 52-week low of $2.79 and a 52-week high of $11.66. The company has a 50-day moving average price of $9.63 and a 200 day moving average price of $8.79.
Richmont Mines (NYSE:RIC) last issued its earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.09. The company earned $40.62 million during the quarter, compared to analyst estimates of $40.55 million. On average, analysts forecast that Richmont Mines will post $0.28 EPS for the current fiscal year.
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