Pershing Gold Corporation (NASDAQ:PGLC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Pershing Gold Corporation is engaged in the exploration and development of gold and precious metal properties primarily in Nevada. The Company focuses on the exploration of Relief Canyon properties located in Pershing County in northwestern Nevada. Pershing Gold Corporation is based in Lakewood, Colorado. “

Several other equities research analysts also recently issued reports on PGLC. Roth Capital set a $6.00 price objective on Pershing Gold Corporation and gave the company a “buy” rating in a report on Wednesday, May 24th. Noble Financial reiterated a “buy” rating on shares of Pershing Gold Corporation in a report on Thursday, June 8th.

Shares of Pershing Gold Corporation (NASDAQ:PGLC) traded up 2.29% during midday trading on Thursday, reaching $3.13. 90,642 shares of the company were exchanged. The company has a 50 day moving average price of $2.96 and a 200-day moving average price of $2.92. Pershing Gold Corporation has a 12-month low of $2.60 and a 12-month high of $4.90. The stock’s market capitalization is $88.90 million.

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In other Pershing Gold Corporation news, Director Barry C. Honig acquired 10,000 shares of the stock in a transaction dated Wednesday, July 5th. The stock was acquired at an average cost of $2.76 per share, with a total value of $27,600.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders have acquired 25,911 shares of company stock worth $72,078. 39.84% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGLC. Cambridge Investment Research Advisors Inc. boosted its position in Pershing Gold Corporation by 5.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 316,984 shares of the basic materials company’s stock valued at $900,000 after buying an additional 15,919 shares in the last quarter. Vanguard Group Inc. boosted its position in Pershing Gold Corporation by 5.0% in the second quarter. Vanguard Group Inc. now owns 614,718 shares of the basic materials company’s stock valued at $1,715,000 after buying an additional 29,018 shares in the last quarter. Spark Investment Management LLC boosted its position in Pershing Gold Corporation by 100.0% in the first quarter. Spark Investment Management LLC now owns 110,000 shares of the basic materials company’s stock valued at $312,000 after buying an additional 55,000 shares in the last quarter. Aegis Financial Corp boosted its position in Pershing Gold Corporation by 78.6% in the first quarter. Aegis Financial Corp now owns 219,652 shares of the basic materials company’s stock valued at $624,000 after buying an additional 96,683 shares in the last quarter. Finally, Ruffer LLP boosted its position in Pershing Gold Corporation by 213.5% in the first quarter. Ruffer LLP now owns 455,826 shares of the basic materials company’s stock valued at $1,347,000 after buying an additional 310,405 shares in the last quarter. 19.73% of the stock is owned by institutional investors and hedge funds.

Pershing Gold Corporation Company Profile

Pershing Gold Corporation is a gold and precious metals exploration company. The Company focuses on exploration, development and mining opportunities in Nevada. The Company is focused on exploration at its Relief Canyon properties in Pershing County in northwestern Nevada. The Company operates its business directly and also through its subsidiary, Gold Acquisition Corp.

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