Banro (BAA) Stock Price Down 5.6%

Banro Co. (NYSEAMERICAN:BAA) (TSE:BAA) was down 5.6% during mid-day trading on Tuesday . The company traded as low as $0.16 and last traded at $0.17. Approximately 14,131,900 shares changed hands during mid-day trading, an increase of 3,115% from the average daily volume of 439,553 shares. The stock had previously closed at $0.18.

A hedge fund recently raised its stake in Banro stock. Gramercy Funds Management LLC grew its holdings in Banro Co. (NYSEAMERICAN:BAA) (TSE:BAA) by 302.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,417,409 shares of the mining company’s stock after acquiring an additional 25,123,159 shares during the quarter. Banro accounts for approximately 4.5% of Gramercy Funds Management LLC’s investment portfolio, making the stock its biggest position. Gramercy Funds Management LLC owned about 30.42% of Banro worth $24,061,000 at the end of the most recent quarter.

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About Banro

Banro Corp (Banro) is a Canada-based gold mining company. The Company, through its subsidiaries, holds interest in a number of gold properties, including Twangiza, Namoya, Lugushwa and Kamituga. The Company is focused on production from the Twangiza gold mine in the Democratic Republic of the Congo (DRC).

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