Gold Resource (NYSEAMERICAN:GORO) upgraded by Zacks Investment Research to buy


Gold Resource (NYSEAMERICAN:GORO – Get Grade) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The company currently has a price target of $2.00 on shares of the basic materials company. Zacks Investment Research’s target price indicates upside potential of 4.71% from the company’s previous close.

According to Zacks, “Gold Resource Corporation is a mining company focused on the production and further development of selected, high-grade gold and silver projects that have low operating costs and produce high returns on capital. The Company holds a 100% interest in four prospective high-grade gold and silver properties in the state of Oaxaca, southern Mexico.The Company holds 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 at 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 price target of $5.75 (from $5.50 previously) on Gold Resource shares in a Monday, March 14 research report.

GORO opened at $1.91 on Tuesday. The stock has a market capitalization of $168.73 million, a price/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:GORO – Get Rating) last released its results on Thursday, March 10. The basic materials company reported earnings per share (EPS) of $0.03 for the quarter. The company 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, equity research analysts expect Gold Resource to post 0.08 earnings per share for the current fiscal year.

A number of institutional investors have recently increased or reduced their stake in GORO. Marshall Wace North America LP acquired a new stake in Gold Resource during Q1 worth approximately $48,000. First Trust Advisors LP increased its holdings in Gold Resource by 7.6% during the first quarter. First Trust Advisors LP now owns 111,929 shares of the basic materials company valued at $440,000 after buying an additional 7,888 shares last quarter. Morgan Stanley increased its holdings in Gold Resource by 571.5% during the second quarter. Morgan Stanley now owns 517,475 shares of the basic materials company valued at $1,334,000 after buying an additional 440,413 shares last quarter. Royal Bank of Canada acquired a new stake in Gold Resource during Q2 valued at approximately $29,000. Finally, Perritt Capital Management Inc. increased its holdings in Gold Resource by 127.2% during the third quarter. Perritt Capital Management Inc. now owns 422,300 shares of the basic materials company valued at $663,000 after buying an additional 236,400 shares last quarter. 32.93% of the shares are held by institutional investors.

Gold Resources Company Profile (Get a rating)

Gold Resource Corporation engages in the exploration, development and production of gold and silver projects in Mexico and the United States. The company is also exploring 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

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