MAG Silver Corp (MAG) Short Interest Up 4.8% in September
MAG Silver Corp (NYSE:MAG) saw a significant increase in short interest in the month of September. As of September 29th, there was short interest totalling 1,964,977 shares, an increase of 4.8% from the September 15th total of 1,874,612 shares. Approximately 2.8% of the company’s shares are sold short. Based on an average trading volume of 267,319 shares, the days-to-cover ratio is currently 7.4 days.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raffles Associates LP increased its position in MAG Silver Corp by 4.5% during the 2nd quarter. Raffles Associates LP now owns 347,900 shares of the industrial goods maker’s stock valued at $4,537,000 after buying an additional 15,000 shares in the last quarter. Bank of Nova Scotia increased its holdings in shares of MAG Silver Corp by 90.0% in the 2nd quarter. Bank of Nova Scotia now owns 21,154 shares of the industrial goods maker’s stock worth $276,000 after purchasing an additional 10,019 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of MAG Silver Corp in the 2nd quarter worth $1,101,000. BlueCrest Capital Management Ltd bought a new stake in shares of MAG Silver Corp in the 2nd quarter worth $196,000. Finally, Royal Bank of Canada increased its holdings in shares of MAG Silver Corp by 7.8% in the 2nd quarter. Royal Bank of Canada now owns 1,078,841 shares of the industrial goods maker’s stock worth $14,068,000 after purchasing an additional 77,927 shares in the last quarter.
MAG has been the topic of a number of recent analyst reports. Roth Capital set a $22.00 price objective on MAG Silver Corp and gave the stock a “buy” rating in a research note on Monday, August 21st. Zacks Investment Research raised MAG Silver Corp from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Wednesday, July 19th. Five equities research analysts have rated the stock with a buy rating and four have given a strong buy rating to the company’s stock. MAG Silver Corp presently has a consensus rating of “Buy” and a consensus target price of $16.50.
Shares of MAG Silver Corp (MAG) traded down 3.13% during trading on Tuesday, reaching $11.76. The company’s stock had a trading volume of 265,606 shares. The stock’s 50 day moving average price is $12.15 and its 200-day moving average price is $12.55. MAG Silver Corp has a 52-week low of $9.50 and a 52-week high of $16.78. The stock’s market cap is $950.16 million.
COPYRIGHT VIOLATION NOTICE: “MAG Silver Corp (MAG) Short Interest Up 4.8% in September” was reported by American Banking News and is owned by of American Banking News. If you are reading this piece on another publication, it was illegally copied and republished in violation of US & international trademark and copyright laws. The original version of this piece can be read at https://www.americanbankingnews.com/2017/10/10/mag-silver-corp-mag-short-interest-up-4-8-in-september.html.
MAG Silver Corp Company Profile
MAG Silver Corp. is a mineral exploration and development company. The Company is focused on the acquisition, exploration and development of projects located within the Mexican silver belt. The Company operates through the exploration of mineral properties in Mexico segment. The Company’s projects include Juanicipio Property, Cinco De Mayo Property and Guigui Property.
Receive News & Ratings for MAG Silver Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MAG Silver Corp and related companies with MarketBeat.com's FREE daily email newsletter.