Pershing Gold (PGLC) Rating Increased to Hold at Zacks Investment Research

Pershing Gold (NASDAQ:PGLC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

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. “

PGLC has been the subject of several other research reports. HC Wainwright reaffirmed a “buy” rating and set a $8.75 price objective on shares of Pershing Gold in a research note on Wednesday, January 24th. Noble Financial reaffirmed a “buy” rating on shares of Pershing Gold in a research note on Wednesday, November 15th.

Shares of Pershing Gold (NASDAQ PGLC) opened at $2.22 on Wednesday. The company has a market cap of $73.13, a PE ratio of -4.11 and a beta of 0.84. Pershing Gold has a one year low of $2.10 and a one year high of $3.33.

Pershing Gold (NASDAQ:PGLC) last announced its quarterly earnings data on Monday, November 13th. The basic materials company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. analysts anticipate that Pershing Gold will post -0.39 earnings per share for the current fiscal year.

In other news, Director Barry C. Honig bought 64,000 shares of the firm’s stock in a transaction on Wednesday, December 20th. The shares were bought at an average cost of $2.36 per share, for a total transaction of $151,040.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Barry C. Honig bought 65,000 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was purchased at an average price of $2.72 per share, for a total transaction of $176,800.00. The disclosure for this purchase can be found here. Insiders acquired a total of 310,370 shares of company stock worth $762,676 over the last quarter. 36.80% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the company. Spark Investment Management LLC acquired a new position in shares of Pershing Gold in the 4th quarter worth approximately $111,000. Virtu Financial LLC acquired a new position in shares of Pershing Gold in the 4th quarter worth approximately $184,000. Aegis Financial Corp acquired a new position in shares of Pershing Gold in the 4th quarter worth approximately $402,000. Ruffer LLP lifted its holdings in shares of Pershing Gold by 171.8% in the 4th quarter. Ruffer LLP now owns 145,421 shares of the basic materials company’s stock worth $476,000 after acquiring an additional 91,926 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Pershing Gold in the 1st quarter worth approximately $565,000. Hedge funds and other institutional investors own 16.49% of the company’s stock.

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Pershing Gold 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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