MAG Silver Corp (MAG) Sees Large Drop in Short Interest

MAG Silver Corp (NYSEAMERICAN:MAG) was the recipient of a large decline in short interest in the month of January. As of January 12th, there was short interest totalling 2,584,987 shares, a decline of 8.8% from the December 29th total of 2,834,472 shares. Based on an average daily trading volume, of 264,041 shares, the days-to-cover ratio is presently 9.8 days. Approximately 3.7% of the company’s shares are sold short.

Several research firms recently issued reports on MAG. Zacks Investment Research downgraded MAG Silver from a “hold” rating to a “sell” rating in a report on Tuesday, January 9th. Raymond James Financial reiterated an “outperform” rating on shares of MAG Silver in a report on Tuesday, November 21st. BMO Capital Markets began coverage on MAG Silver in a report on Friday, November 17th. They issued a “buy” rating on the stock. HC Wainwright reiterated a “buy” rating on shares of MAG Silver in a report on Wednesday, November 8th. Finally, BidaskClub downgraded MAG Silver from a “sell” rating to a “strong sell” rating in a report on Wednesday, November 15th. Two analysts have rated the stock with a sell rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. MAG Silver has a consensus rating of “Buy” and an average price target of $16.60.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Stifel Financial Corp acquired a new position in MAG Silver during the 3rd quarter worth $137,000. Commerzbank Aktiengesellschaft FI acquired a new position in MAG Silver during the 4th quarter worth $158,000. Quantbot Technologies LP acquired a new position in MAG Silver during the 2nd quarter worth $183,000. BlueCrest Capital Management Ltd acquired a new position in MAG Silver during the 2nd quarter worth $196,000. Finally, Bank of Nova Scotia grew its stake in MAG Silver by 90.0% during the 2nd quarter. Bank of Nova Scotia now owns 21,154 shares of the company’s stock worth $276,000 after purchasing an additional 10,019 shares in the last quarter.

MAG Silver (MAG) opened at $10.85 on Tuesday. MAG Silver has a one year low of $10.05 and a one year high of $16.78. The company has a market capitalization of $964.50, a price-to-earnings ratio of -17.57 and a beta of 0.40.

MAG Silver (NYSEAMERICAN:MAG) last released its earnings results on Monday, November 13th. The company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01.

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MAG Silver 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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