Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG) Sees Large Decline in Short Interest

Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG) was the target of a large decline in short interest in March. As of March 13th, there was short interest totaling 401,094 shares, a decline of 47.1% from the February 26th total of 758,222 shares. Based on an average daily volume of 1,233,309 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.5% of the shares of the company are sold short.

Analyst Ratings Changes

A number of brokerages have issued reports on PZG. iA Financial set a $3.25 target price on shares of Paramount Gold Nevada in a research report on Monday, February 2nd. Alliance Global Partners reiterated a “buy” rating on shares of Paramount Gold Nevada in a research report on Monday, February 2nd. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $3.25.

Paramount Gold Nevada Stock Performance

Shares of NYSEAMERICAN:PZG opened at $1.54 on Friday. Paramount Gold Nevada has a 1 year low of $0.34 and a 1 year high of $2.71. The stock has a market capitalization of $129.07 million, a price-to-earnings ratio of -7.70 and a beta of 1.24. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The company’s 50 day simple moving average is $2.04 and its 200 day simple moving average is $1.47.

Hedge Funds Weigh In On Paramount Gold Nevada

A number of institutional investors have recently modified their holdings of PZG. Thompson Davis & CO. Inc. bought a new stake in shares of Paramount Gold Nevada during the 4th quarter worth $27,000. Kovack Advisors Inc. bought a new position in Paramount Gold Nevada in the fourth quarter valued at about $35,000. Osaic Holdings Inc. raised its stake in Paramount Gold Nevada by 531.1% during the second quarter. Osaic Holdings Inc. now owns 67,095 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 56,463 shares in the last quarter. Captrust Financial Advisors acquired a new position in Paramount Gold Nevada during the second quarter worth about $77,000. Finally, Bridgeway Capital Management LLC bought a new position in shares of Paramount Gold Nevada in the fourth quarter worth about $94,000. Institutional investors and hedge funds own 4.51% of the company’s stock.

About Paramount Gold Nevada

Paramount Gold Nevada is a publicly traded mineral exploration and development company focused on precious metal properties in Nevada. The company’s core business activities include the acquisition, exploration, evaluation and advancement of gold and silver prospects. Utilizing modern geological, geochemical and geophysical survey techniques, Paramount seeks to delineate high-grade mineral resources and position its assets for potential future production or strategic partnerships with established mining operators.

Paramount’s portfolio encompasses several key projects across Nevada’s prolific mineral belts, including the historic Sleeper gold mine in Humboldt County, the Scossa epithermal gold system in Pershing County and the San Miguel gold-silver district in Mineral County.