Zacks Investment Research Lowers General Moly, Inc. (GMO) to Hold
General Moly, Inc. (NYSEMKT:GMO) (TSE:GMO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “General Moly is a U.S.-based molybdenum mineral exploration and development company listed on the American Stock Exchange and the Toronto Stock Exchange under the symbol GMO. Their primary asset, their interest in the Mt. Hope project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with their second molybdenum property, the Hall-Tonopah project which is also located in central Nevada. Their goal is to become the largest primary molybdenum producer by the middle of the next decade. “
Several other brokerages also recently issued reports on GMO. HC Wainwright reiterated a “buy” rating and issued a $0.75 target price on shares of General Moly in a research note on Tuesday. ValuEngine upgraded shares of General Moly from a “sell” rating to a “hold” rating in a research note on Tuesday, August 22nd.
Shares of General Moly (NYSEMKT GMO) traded down 0.6242% during mid-day trading on Wednesday, hitting $0.3662. The company’s stock had a trading volume of 101,811 shares. The company has a 50-day moving average price of $0.43 and a 200-day moving average price of $0.39. General Moly has a 1-year low of $0.21 and a 1-year high of $0.72. The stock’s market cap is $40.71 million.
General Moly (NYSEMKT:GMO) (TSE:GMO) last posted its quarterly earnings data on Monday, August 14th. The basic materials company reported ($0.02) EPS for the quarter. Analysts predict that General Moly will post ($0.08) EPS for the current fiscal year.
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A hedge fund recently raised its stake in General Moly stock. Bank of America Corp DE lifted its holdings in shares of General Moly, Inc. (NYSEMKT:GMO) (TSE:GMO) by 7,900.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 280,029 shares of the basic materials company’s stock after purchasing an additional 276,529 shares during the quarter. Bank of America Corp DE owned 0.25% of General Moly worth $140,000 as of its most recent SEC filing.
General Moly Company Profile
General Moly, Inc is engaged in the business of the exploration, development and mining of properties containing molybdenum. The Company, through its subsidiary, Eureka Moly, LLC, holds interest in the Mt. Hope Project, a molybdenum property, located in Eureka County, Nevada. The Mt. Hope Project contains molybdenum reserves totaling approximately 1.4 billion pounds of which 1.2 billion pounds are estimated to be recoverable.
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