Gold Resource (NYSEAMERICAN:GORO) Lifted to Hold at Zacks Investment Research

Gold Resource (NYSEAMERICAN:GOROGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Gold Resource Corporation is a mining company focused on production and pursuing development of select, high-grade gold and silver projects that feature low operation costs and produce high returns on capital. The Company has 100% interest in four potential high-grade gold and silver properties in Mexico’s southern state of Oaxaca. The Company has an interest in four properties, the El Aguila property, the Las Margaritas property, the El Rey property and the Solaga property. All of these properties are in the exploration stage and have no probable reserves. The company is based in Denver, Colorado. “

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $5.75 price target (up previously from $5.50) on shares of Gold Resource in a report on Monday, March 14th.

Shares of Gold Resource stock traded up $0.11 during trading on Tuesday, hitting $2.50. The stock had a trading volume of 1,054,970 shares, compared to its average volume of 1,470,814. The stock has a market cap of $220.85 million, a P/E ratio of 25.00 and a beta of 1.62. Gold Resource has a 12 month low of $1.50 and a 12 month high of $3.11.

A number of large investors have recently made changes to their positions in the stock. Van ECK Associates Corp grew its position in Gold Resource by 0.3% in the third quarter. Van ECK Associates Corp now owns 4,279,350 shares of the basic materials company’s stock worth $6,719,000 after acquiring an additional 12,343 shares in the last quarter. Ruffer LLP purchased a new position in Gold Resource in the fourth quarter worth $2,700,000. Bank of Montreal Can grew its position in Gold Resource by 1,625.3% in the fourth quarter. Bank of Montreal Can now owns 1,542,134 shares of the basic materials company’s stock worth $2,483,000 after acquiring an additional 1,452,749 shares in the last quarter. Renaissance Technologies LLC grew its position in Gold Resource by 26.4% in the third quarter. Renaissance Technologies LLC now owns 821,613 shares of the basic materials company’s stock worth $1,290,000 after acquiring an additional 171,752 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Gold Resource by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 636,482 shares of the basic materials company’s stock worth $992,000 after acquiring an additional 6,173 shares in the last quarter. Institutional investors own 32.93% of the company’s stock.

Gold Resource Company Profile (Get Rating)

Gold Resource Corporation engages in the exploration, development, and production of gold and silver projects in Mexico and the United States. The company also explores for copper, lead, and zinc deposits. Its principal asset is the 100% owned Back Forty project covering approximately 1,304 hectares located in Menominee county, Michigan.

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