Pershing Gold (PGLC) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of Pershing Gold (NASDAQ:PGLC) from a hold rating to a sell rating in a research note released on Thursday morning.

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 topic of a number of other reports. HC Wainwright reaffirmed a buy rating and set a $10.00 price target on shares of Pershing Gold in a research report on Tuesday, October 31st. Noble Financial reaffirmed a buy rating on shares of Pershing Gold in a research report on Wednesday, November 15th.

Shares of Pershing Gold (NASDAQ PGLC) traded up $0.03 during mid-day trading on Thursday, hitting $2.51. The stock had a trading volume of 117,800 shares, compared to its average volume of 143,750. The firm has a market capitalization of $88.01, a P/E ratio of -4.74 and a beta of 0.88. Pershing Gold has a 1-year low of $2.26 and a 1-year high of $3.48.

Pershing Gold (NASDAQ:PGLC) last issued its quarterly earnings results on Monday, November 13th. The basic materials company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. equities research analysts forecast that Pershing Gold will post -0.45 earnings per share for the current year.

In other 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 purchased at an average cost of $2.99 per share, with a total value of $56,197.05. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Barry C. Honig bought 50,000 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was purchased at an average cost of $2.87 per share, for a total transaction of $143,500.00. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 320,412 shares of company stock worth $851,088. 36.80% of the stock is owned by insiders.

An institutional investor recently raised its position in Pershing Gold stock. Vanguard Group Inc. boosted its stake in shares of Pershing Gold Corporation (NASDAQ:PGLC) by 5.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 614,718 shares of the basic materials company’s stock after purchasing an additional 29,018 shares during the period. Vanguard Group Inc. owned approximately 2.16% of Pershing Gold worth $1,715,000 at the end of the most recent quarter. Institutional investors own 19.49% 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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