Pretium Resources, Inc. (PVG) Sees Unusually-High Trading Volume After Analyst Upgrade

Pretium Resources, Inc. (NYSE:PVG) (TSE:PVG) saw an uptick in trading volume on Thursday after CIBC upgraded the stock from a neutral rating to an outperform rating. 2,465,863 shares changed hands during mid-day trading, an increase of 28% from the previous session’s volume of 1,933,750 shares.The stock last traded at $12.40 and had previously closed at $12.11.

Other equities research analysts have also recently issued reports about the stock. UBS AG raised shares of Pretium Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday. BidaskClub cut shares of Pretium Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, August 16th. Roth Capital boosted their price objective on shares of Pretium Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $16.50 price objective on shares of Pretium Resources in a research report on Thursday, August 17th. Finally, Citigroup Inc. reissued a “buy” rating on shares of Pretium Resources in a research report on Wednesday, September 6th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $15.75.

Several hedge funds and other institutional investors have recently bought and sold shares of PVG. Prudential PLC raised its stake in shares of Pretium Resources by 27.1% during the 2nd quarter. Prudential PLC now owns 5,540,263 shares of the basic materials company’s stock worth $53,242,000 after acquiring an additional 1,180,973 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Pretium Resources by 73.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,486,432 shares of the basic materials company’s stock worth $15,920,000 after acquiring an additional 630,946 shares in the last quarter. OppenheimerFunds Inc. bought a new position in shares of Pretium Resources during the 1st quarter worth approximately $6,005,000. Commonwealth Bank of Australia raised its stake in shares of Pretium Resources by 13.5% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,691,900 shares of the basic materials company’s stock worth $25,826,000 after acquiring an additional 319,200 shares in the last quarter. Finally, Investec Asset Management LTD bought a new position in shares of Pretium Resources during the 2nd quarter worth approximately $2,718,000. Hedge funds and other institutional investors own 43.25% of the company’s stock.

The stock’s market capitalization is $2.21 billion. The company has a 50-day moving average of $9.05 and a 200-day moving average of $9.41.

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About Pretium Resources

Pretium Resources Inc is a Canada-based exploration and development company. The Company is engaged in the acquisition, exploration and development of precious metal resource properties in the Americas. The Company’s projects include Brucejack Project and the Snowfield Project, both of which are located in northwestern British Columbia.

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