Pershing Gold (PGLC) Stock Rating Upgraded by Zacks Investment Research

Pershing Gold (NASDAQ:PGLC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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. “

Several other equities research analysts have also issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $8.75 target price 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 $2.31 on Wednesday. Pershing Gold has a 12 month low of $2.10 and a 12 month high of $3.33.

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

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

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Pershing Gold by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 614,718 shares of the basic materials company’s stock valued at $1,715,000 after buying an additional 29,018 shares in the last quarter. Raymond James & Associates purchased a new position in Pershing Gold in the 4th quarter valued at about $103,000. Virtu Financial LLC purchased a new position in Pershing Gold in the 4th quarter valued at about $184,000. Finally, Spark Investment Management LLC purchased a new position in Pershing Gold in the 4th quarter valued at about $111,000. 16.49% of the stock is currently 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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