MAG Silver (NYSEAMERICAN:MAG) Shares Up 7.9% After Analyst Upgrade

MAG Silver Corp. (NYSEAMERICAN:MAG) rose 7.9% on Thursday after HC Wainwright raised their price target on the stock from $20.00 to $21.00. HC Wainwright currently has a buy rating on the stock. MAG Silver traded as high as $16.45 and last traded at $16.45. Approximately 209,683 shares traded hands during trading, a decline of 52% from the average daily volume of 440,911 shares. The stock had previously closed at $15.25.

Other analysts also recently issued research reports about the stock. Roth Mkm downgraded shares of MAG Silver from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $17.00 to $17.50 in a research report on Thursday, October 24th. Roth Capital downgraded shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, StockNews.com raised MAG Silver from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $18.63.

Institutional Trading of MAG Silver

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP purchased a new stake in shares of MAG Silver in the third quarter valued at about $28,000. Quantbot Technologies LP purchased a new position in shares of MAG Silver during the 3rd quarter worth approximately $52,000. DF Dent & Co. Inc. acquired a new stake in shares of MAG Silver in the 3rd quarter valued at approximately $140,000. Pekin Hardy Strauss Inc. purchased a new stake in shares of MAG Silver in the third quarter valued at approximately $140,000. Finally, International Assets Investment Management LLC purchased a new position in MAG Silver in the third quarter worth $148,000. 52.50% of the stock is owned by hedge funds and other institutional investors.

MAG Silver Price Performance

The firm has a market cap of $1.71 billion, a P/E ratio of 23.25 and a beta of 1.08.

MAG Silver (NYSEAMERICAN:MAG) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. On average, research analysts anticipate that MAG Silver Corp. will post 0.74 earnings per share for the current fiscal year.

About MAG Silver

MAG Silver Corp. develops and explores for precious metal properties in Canada. It explores for silver, gold, lead, copper, and zinc deposits. The company's flagship property is the 44% owned Juanicipio property located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp. is headquartered in Vancouver, Canada.