Pershing Gold (NASDAQ:PGLC) Upgraded to “Buy” at Zacks Investment Research

Pershing Gold (NASDAQ:PGLC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday, November 18th. The firm presently has a $3.25 price target on the basic materials company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 14.04% from the company’s current price.

According to Zacks, “Pershing Gold Corporation is engaged in the exploration and development of gold and precious metal properties primarily in Nevada. The Company focuses on the exploration of Relief Canyon properties located in Pershing County in northwestern Nevada. Pershing Gold Corporation is based in Lakewood, Colorado. “

PGLC has been the subject of a number of other reports. Noble Financial restated a “buy” rating on shares of Pershing Gold in a research report on Wednesday, November 15th. HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Pershing Gold in a report on Tuesday, October 31st.

Pershing Gold (NASDAQ:PGLC) traded up $0.02 on Friday, hitting $2.85. The stock had a trading volume of 118,445 shares, compared to its average volume of 84,968. Pershing Gold has a 12 month low of $2.60 and a 12 month high of $3.60.

Pershing Gold (NASDAQ:PGLC) last released its quarterly earnings data on Monday, November 13th. The basic materials company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. research analysts anticipate that Pershing Gold will post -0.45 earnings per share for the current year.

In related news, Director Barry C. Honig bought 18,795 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The shares were bought at an average price of $2.99 per share, with a total value of $56,197.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Barry C. Honig bought 14,000 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The shares were bought at an average cost of $2.97 per share, for a total transaction of $41,580.00. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 230,713 shares of company stock valued at $660,761. 36.80% of the stock is currently owned by corporate insiders.

An institutional investor recently raised its position in Pershing Gold stock. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Pershing Gold Corporation (NASDAQ:PGLC) by 42.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 450,624 shares of the basic materials company’s stock after buying an additional 133,640 shares during the period. Cambridge Investment Research Advisors Inc. owned about 1.59% of Pershing Gold worth $1,257,000 at the end of the most recent quarter. Institutional investors own 19.57% of the company’s stock.

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Pershing Gold 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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