Pershing Gold (NASDAQ:PGLC) Raised to “Buy” at Zacks Investment Research

Pershing Gold (NASDAQ:PGLC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday, November 18th. The firm presently has a $3.25 price objective on the basic materials company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.85% from the stock’s previous close.

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. “

A number of other analysts have also recently commented on PGLC. Noble Financial reiterated a “buy” rating on shares of Pershing Gold in a research note on Wednesday, November 15th. HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Pershing Gold in a research note on Tuesday, October 31st.

Shares of Pershing Gold (PGLC) opened at $2.88 on Friday. Pershing Gold has a 1-year low of $2.60 and a 1-year high of $3.72.

Pershing Gold (NASDAQ:PGLC) last released its quarterly earnings results on Monday, November 13th. The basic materials company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. analysts forecast that Pershing Gold will post -0.45 earnings per share for the current fiscal year.

In other Pershing Gold news, Director Barry C. Honig purchased 65,000 shares of Pershing Gold stock in a transaction on Monday, November 27th. The stock was bought at an average cost of $2.72 per share, with a total value of $176,800.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Barry C. Honig purchased 10,000 shares of Pershing Gold stock in a transaction on Thursday, September 7th. The shares were acquired at an average cost of $3.01 per share, with a total value of $30,100.00. The disclosure for this purchase can be found here. Insiders purchased a total of 240,713 shares of company stock valued at $690,861 over the last quarter. 36.80% of the stock is owned by company insiders.

A hedge fund recently raised its stake in Pershing Gold stock. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Pershing Gold Corporation (NASDAQ:PGLC) by 42.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 450,624 shares of the basic materials company’s stock after buying an additional 133,640 shares during the quarter. Cambridge Investment Research Advisors Inc. owned 1.59% of Pershing Gold worth $1,257,000 at the end of the most recent reporting period. 19.57% of the stock is owned by hedge funds and other institutional investors.

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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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