MAG Silver Corp (MAG) Short Interest Up 13.3% in October
MAG Silver Corp (NYSE:MAG) saw a significant increase in short interest in October. As of October 13th, there was short interest totalling 2,226,428 shares, an increase of 13.3% from the September 29th total of 1,964,977 shares. Based on an average daily trading volume, of 207,817 shares, the days-to-cover ratio is presently 10.7 days. Approximately 3.2% of the shares of the stock are short sold.
A number of analysts have recently weighed in on the company. Zacks Investment Research upgraded MAG Silver Corp from a “hold” rating to a “strong-buy” rating and set a $14.00 target price for the company in a research note on Wednesday, August 23rd. Roth Capital set a $22.00 price target on MAG Silver Corp and gave the company a “buy” rating in a report on Monday, August 21st. Four 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 “Strong Buy” and an average price target of $16.50.
MAG Silver Corp (MAG) traded down 2.06% during trading on Tuesday, reaching $10.93. The company had a trading volume of 261,867 shares. The firm’s 50 day moving average price is $11.82 and its 200 day moving average price is $12.38. MAG Silver Corp has a 12-month low of $9.50 and a 12-month high of $16.78. The firm’s market capitalization is $883.10 million.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Commonwealth Bank of Australia increased its holdings in MAG Silver Corp by 66.3% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,963,800 shares of the industrial goods maker’s stock worth $25,599,000 after purchasing an additional 783,000 shares in the last quarter. Sprott Inc. increased its holdings in MAG Silver Corp by 24.6% in the 2nd quarter. Sprott Inc. now owns 1,233,819 shares of the industrial goods maker’s stock worth $16,089,000 after purchasing an additional 243,238 shares in the last quarter. Royal Bank of Canada increased its holdings in 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. Addenda Capital Inc. increased its holdings in MAG Silver Corp by 4.4% in the 2nd quarter. Addenda Capital Inc. now owns 1,051,260 shares of the industrial goods maker’s stock worth $13,704,000 after purchasing an additional 44,355 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in MAG Silver Corp by 1.6% in the 2nd quarter. Franklin Resources Inc. now owns 1,048,000 shares of the industrial goods maker’s stock worth $13,689,000 after purchasing an additional 16,000 shares in the last quarter.
COPYRIGHT VIOLATION NOTICE: This news story was posted by American Banking News and is owned by of American Banking News. If you are accessing this news story on another site, it was copied illegally and republished in violation of United States & international copyright & trademark laws. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2017/10/24/mag-silver-corp-mag-short-interest-up-13-3-in-october.html.
About MAG Silver Corp
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.