International Tower Hill Mines (NYSE:THM) Trading 6% Higher – Here’s Why

International Tower Hill Mines Ltd. (NYSE:THM) rose 6% on Friday . The stock traded as high as $2.53 and last traded at $2.5750. 252,473 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,355,660 shares. The stock had previously closed at $2.43.

International Tower Hill Mines Price Performance

The stock has a market capitalization of $676.91 million, a PE ratio of -129.25 and a beta of 1.04. The company has a 50 day moving average price of $2.36 and a 200-day moving average price of $2.40.

Institutional Investors Weigh In On International Tower Hill Mines

Institutional investors and hedge funds have recently modified their holdings of the stock. Corient Private Wealth LP purchased a new position in shares of International Tower Hill Mines during the second quarter valued at about $25,000. Ketron Financial purchased a new stake in International Tower Hill Mines in the fourth quarter worth about $28,000. Two Sigma Securities LLC bought a new stake in International Tower Hill Mines during the 2nd quarter valued at approximately $40,000. TCI Wealth Advisors Inc. purchased a new position in shares of International Tower Hill Mines during the 1st quarter worth approximately $97,000. Finally, BlackRock Inc. bought a new position in shares of International Tower Hill Mines in the 2nd quarter worth approximately $96,000. 54.63% of the stock is owned by hedge funds and other institutional investors.

About International Tower Hill Mines

International Tower Hill Mines Ltd. is a mineral exploration and development company focused on advancing gold properties in Alaska. The company’s principal asset is the Livengood Gold Project, located approximately 70 miles northwest of Fairbanks in the Tintina Gold Belt.

The Livengood project centers on the Money Knob deposit, a large, low-grade gold system that the company is evaluating for potential development using conventional open-pit mining and processing methods. International Tower Hill Mines’ activities include exploration, resource evaluation, engineering studies, permitting, and other technical work intended to assess the project’s economic and development potential.

The company has historically focused its operations on Alaska and does not currently operate producing mines.