Pershing Gold (PGLC) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Pershing Gold (NASDAQ:PGLC) from a sell rating to a hold rating in a research report report published 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. “

A number of other research firms also recently weighed in on PGLC. Noble Financial reissued a buy rating and set a $4.00 target price on shares of Pershing Gold in a research report on Friday, August 17th. ValuEngine raised Pershing Gold from a sell rating to a hold rating in a research report on Wednesday, October 24th. Finally, HC Wainwright decreased their target price on Pershing Gold from $6.00 to $3.25 and set a buy rating on the stock in a research report on Tuesday, October 9th.

PGLC stock traded down $0.06 during trading on Wednesday, reaching $1.00. 165,283 shares of the stock were exchanged, compared to its average volume of 87,401. Pershing Gold has a twelve month low of $0.80 and a twelve month high of $3.10. The company has a market cap of $39.06 million, a PE ratio of -2.12 and a beta of 0.29.

Pershing Gold (NASDAQ:PGLC) last released its earnings results on Tuesday, August 14th. The basic materials company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Research analysts predict that Pershing Gold will post -0.48 EPS for the current fiscal year.

In other news, Director Barry C. Honig bought 1,634,810 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The shares were acquired at an average cost of $1.61 per share, with a total value of $2,632,044.10. Following the completion of the transaction, the director now directly owns 3,094,600 shares in the company, valued at $4,982,306. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 37.10% of the stock is owned by company insiders.

An institutional investor recently raised its position in Pershing Gold stock. Ruffer LLP raised its stake in shares of Pershing Gold Corp (NASDAQ:PGLC) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,812,277 shares of the basic materials company’s stock after purchasing an additional 72,673 shares during the quarter. Ruffer LLP owned 5.39% of Pershing Gold worth $3,307,000 as of its most recent filing with the Securities and Exchange Commission. 20.69% of the stock is owned by institutional investors and hedge funds.

Pershing Gold Company Profile

Pershing Gold Corporation explores for, develops, and mines gold and precious metals in Nevada. It focuses on the exploration of the Relief Canyon properties covering an area of approximately 29,000 acres located in Pershing County in northwestern Nevada. The Relief Canyon properties include approximately 1,056 owned unpatented mining claims, 120 owned millsite claims, 143 leased unpatented mining claims, and 4,127 acres of leased and 3,739 acres of subleased private lands.

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