Pershing Gold Corporation (PGLC) Given Consensus Recommendation of “Strong Buy” by Brokerages

Pershing Gold Corporation (NASDAQ:PGLC) has received a consensus broker rating score of 1.00 (Strong Buy) from the four analysts that cover the stock, Zacks Investment Research reports. Four research analysts have rated the stock with a strong buy recommendation.

Brokerages have set a 1 year consensus price target of $6.92 for the company and are forecasting that the company will post ($0.06) EPS for the current quarter, according to Zacks. Zacks has also given Pershing Gold Corporation an industry rank of 167 out of 265 based on the ratings given to its competitors.

A number of research firms have recently commented on PGLC. Zacks Investment Research lowered shares of Pershing Gold Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 15th. Noble Financial restated a “buy” rating on shares of Pershing Gold Corporation in a research report on Monday, August 21st. Finally, HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Pershing Gold Corporation in a research report on Tuesday, October 31st.

Shares of Pershing Gold Corporation (PGLC) traded up $0.10 during mid-day trading on Thursday, reaching $2.91. 124,826 shares of the company’s stock were exchanged, compared to its average volume of 86,857. Pershing Gold Corporation has a 1-year low of $2.60 and a 1-year high of $3.94.

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

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In other news, Director Barry C. Honig purchased 18,493 shares of Pershing Gold Corporation stock in a transaction dated Wednesday, November 1st. The stock was purchased at an average cost of $2.88 per share, for a total transaction of $53,259.84. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Barry C. Honig bought 50,000 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was bought at an average price of $2.87 per share, with a total value of $143,500.00. The disclosure for this purchase can be found here. Insiders have bought a total of 180,813 shares of company stock valued at $531,592 over the last 90 days. Company insiders own 36.80% of the company’s stock.

An institutional investor recently raised its position in Pershing Gold Corporation stock. Cambridge Investment Research Advisors Inc. increased its stake in Pershing Gold Corporation (NASDAQ:PGLC) by 42.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 450,624 shares of the basic materials company’s stock after acquiring an additional 133,640 shares during the period. Cambridge Investment Research Advisors Inc. owned about 1.59% of Pershing Gold Corporation worth $1,257,000 as of its most recent SEC filing. 19.78% of the stock is currently owned by institutional investors.

Pershing Gold Corporation 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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