Gold Resource (NYSEAMERICAN:GORO) Upgraded by Zacks Investment Research to Buy

Gold Resource (NYSEAMERICAN:GOROGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The firm currently has a $2.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 4.71% from the company’s previous close.

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 set a $5.75 price target (up previously from $5.50) on shares of Gold Resource in a research report on Monday, March 14th.

GORO opened at $1.91 on Tuesday. The stock has a market cap of $168.73 million, a price-to-earnings ratio of 19.10 and a beta of 1.62. Gold Resource has a 52-week low of $1.50 and a 52-week high of $2.99.

Gold Resource (NYSEAMERICAN:GOROGet Rating) last posted its earnings results on Thursday, March 10th. The basic materials company reported $0.03 earnings per share (EPS) for the quarter. The business had revenue of $38.06 million for the quarter. Gold Resource had a net margin of 6.41% and a return on equity of 8.02%. On average, equities research analysts forecast that Gold Resource will post 0.08 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in GORO. Marshall Wace North America L.P. purchased a new stake in Gold Resource during the 1st quarter valued at approximately $48,000. First Trust Advisors LP grew its holdings in Gold Resource by 7.6% during the 1st quarter. First Trust Advisors LP now owns 111,929 shares of the basic materials company’s stock valued at $440,000 after buying an additional 7,888 shares in the last quarter. Morgan Stanley grew its holdings in Gold Resource by 571.5% during the 2nd quarter. Morgan Stanley now owns 517,475 shares of the basic materials company’s stock valued at $1,334,000 after buying an additional 440,413 shares in the last quarter. Royal Bank of Canada purchased a new stake in Gold Resource during the 2nd quarter valued at approximately $29,000. Finally, Perritt Capital Management Inc. grew its holdings in Gold Resource by 127.2% during the 3rd quarter. Perritt Capital Management Inc. now owns 422,300 shares of the basic materials company’s stock valued at $663,000 after buying an additional 236,400 shares in the last quarter. 32.93% of the stock is owned by institutional investors.

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.

Further Reading

Get a free copy of the Zacks research report on Gold Resource (GORO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Gold Resource Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gold Resource and related companies with MarketBeat.com's FREE daily email newsletter.