Primero Mining Corp (NYSE:PPP) Sees Significant Decline in Short Interest
Primero Mining Corp (NYSE:PPP) (TSE:P) saw a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 5,150,603 shares, a drop of 47.9% from the June 15th total of 9,876,961 shares. Currently, 2.7% of the shares of the company are short sold. Based on an average daily volume of 1,777,219 shares, the short-interest ratio is currently 2.9 days.
Several institutional investors have recently added to or reduced their stakes in PPP. Global X Management Co. LLC raised its position in Primero Mining Corp by 20.9% in the first quarter. Global X Management Co. LLC now owns 2,424,767 shares of the basic materials company’s stock valued at $1,345,000 after buying an additional 418,678 shares in the last quarter. Renaissance Technologies LLC raised its position in Primero Mining Corp by 17.2% in the first quarter. Renaissance Technologies LLC now owns 3,136,725 shares of the basic materials company’s stock valued at $1,725,000 after buying an additional 461,300 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in Primero Mining Corp by 31.3% in the first quarter. Van ECK Associates Corp now owns 23,471,756 shares of the basic materials company’s stock valued at $12,909,000 after buying an additional 5,600,386 shares in the last quarter. Institutional investors and hedge funds own 43.75% of the company’s stock.
Shares of Primero Mining Corp (NYSE PPP) opened at 0.357 on Wednesday. Primero Mining Corp has a one year low of $0.30 and a one year high of $2.40. The stock’s market cap is $68.48 million. The stock has a 50 day moving average of $0.35 and a 200 day moving average of $0.56.
Several research analysts have issued reports on PPP shares. Zacks Investment Research raised shares of Primero Mining Corp from a “strong sell” rating to a “buy” rating and set a $0.75 price objective on the stock in a research report on Wednesday, April 19th. Royal Bank Of Canada set a $1.00 price objective on shares of Primero Mining Corp and gave the stock a “hold” rating in a research report on Monday, May 8th. ValuEngine downgraded shares of Primero Mining Corp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 27th. Finally, Desjardins downgraded shares of Primero Mining Corp from a “hold” rating to a “sell” rating in a research report on Tuesday, May 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Primero Mining Corp presently has a consensus rating of “Hold” and an average target price of $2.06.
Primero Mining Corp Company Profile
Primero Mining Corp. is a precious metals producer with operations in both Mexico and Canada. The Company is focused on building a portfolio of precious metals assets in the Americas through acquiring, exploring, developing and operating mineral resource properties. Its segments include San Dimas, Cerro del Gallo, Black Fox Complex and Corporate.
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