MAG Silver Corp (NYSE:MAG) was the recipient of a large increase in short interest during the month of 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 volume of 207,817 shares, the short-interest ratio is currently 10.7 days. Currently, 3.2% of the shares of the stock are sold short.
Several hedge funds have recently made changes to their positions in the company. Commonwealth Bank of Australia raised its holdings in shares of MAG Silver Corp by 66.3% during the second 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 during the period. Ninepoint Partners LP acquired a new stake in shares of MAG Silver Corp in the 3rd quarter worth about $7,262,000. Sprott Inc. increased its holdings in shares of 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 acquiring an additional 243,238 shares during the period. Marshall Wace North America L.P. bought a new position in MAG Silver Corp in the 2nd quarter valued at about $2,466,000. Finally, Van ECK Associates Corp grew its position in MAG Silver Corp by 4.4% in the 3rd quarter. Van ECK Associates Corp now owns 4,271,770 shares of the industrial goods maker’s stock valued at $47,972,000 after buying an additional 181,120 shares in the last quarter.
MAG Silver Corp (NYSE:MAG) traded down $0.53 during trading on Friday, reaching $10.90. 425,061 shares of the company were exchanged, compared to its average volume of 285,026. MAG Silver Corp has a 52-week low of $9.50 and a 52-week high of $16.78.
MAG has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of MAG Silver Corp from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Roth Capital set a $22.00 price objective on shares of MAG Silver Corp and gave the company a “buy” rating in a report on Monday, August 21st. Finally, HC Wainwright reiterated a “buy” rating and set a $18.50 price target on shares of MAG Silver Corp in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and three have issued a strong buy rating to the stock. MAG Silver Corp presently has a consensus rating of “Buy” and an average target price of $16.50.
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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.
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