Gold Resource (NYSE:GORO) Stock Price Down 30.4% – Here’s Why

Gold Resource Co. (NYSE:GORO)’s share price dropped 30.4% during trading on Thursday . The company traded as low as $0.9013 and last traded at $0.9254. 25,653,365 shares were traded during mid-day trading, an increase of 526% from the average daily volume of 4,099,073 shares. The stock had previously closed at $1.33.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GORO shares. HC Wainwright lowered their price target on shares of Gold Resource from $2.00 to $1.75 and set a “buy” rating on the stock in a report on Thursday, March 19th. Zacks Research raised shares of Gold Resource to a “hold” rating in a research report on Thursday, March 19th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1.75.

Gold Resource Stock Down 30.4%

The business has a 50 day simple moving average of $1.28 and a 200 day simple moving average of $1.33. The company has a market capitalization of $149.81 million, a PE ratio of -1.89 and a beta of 1.02.

Hedge Funds Weigh In On Gold Resource

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its position in Gold Resource by 12,110.2% during the 1st quarter. Bank of America Corp DE now owns 202,445 shares of the company’s stock worth $243,000 after purchasing an additional 200,787 shares during the last quarter. Sei Investments Co. acquired a new position in Gold Resource during the 1st quarter valued at approximately $741,000. XTX Topco Ltd increased its stake in Gold Resource by 47.5% during the 4th quarter. XTX Topco Ltd now owns 138,592 shares of the company’s stock valued at $115,000 after purchasing an additional 44,644 shares in the last quarter. State Street Corp raised its holdings in shares of Gold Resource by 16.8% in the fourth quarter. State Street Corp now owns 559,416 shares of the company’s stock worth $463,000 after buying an additional 80,600 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new position in shares of Gold Resource in the fourth quarter worth $105,000. 18.38% of the stock is owned by hedge funds and other institutional investors.

Gold Resource Company Profile

Gold Resource Corporation (NYSE: GORO) is a Denver, Colorado–based precious metals producer focused on gold and silver mining and processing. The company’s principal operations are located in Oaxaca State, Mexico, where it holds 100% interest in the Arista underground mine and the El Águila tailings reprocessing facility. Gold Resource’s Mexican operations are complemented by corporate and administrative offices in Denver and field offices in Mexico City.

At the Arista mine, Gold Resource conducts underground mining of high-grade gold and silver veins, producing doré bars and metal concentrates that are shipped to third-party smelters.