HC Wainwright Reiterates “Buy” Rating for First Majestic Silver (NYSE:AG)

First Majestic Silver (NYSE:AG) (TSE:FR)‘s stock had its “buy” rating reiterated by HC Wainwright in a research note issued on Friday, Marketbeat.com reports. They presently have a $8.50 price target on the mining company’s stock. HC Wainwright’s price target would indicate a potential upside of 16.44% from the company’s previous close.

Separately, Cormark upgraded First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Friday, September 6th.

First Majestic Silver Stock Performance

Shares of NYSE AG opened at $7.30 on Friday. The firm’s 50-day moving average price is $5.90 and its 200-day moving average price is $6.36. First Majestic Silver has a 52-week low of $4.17 and a 52-week high of $8.44. The company has a market cap of $2.12 billion, a PE ratio of -45.63 and a beta of 1.36. The company has a quick ratio of 2.44, a current ratio of 3.05 and a debt-to-equity ratio of 0.17.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results on Thursday, August 1st. The mining company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.05). The company had revenue of $136.20 million during the quarter, compared to the consensus estimate of $129.74 million. First Majestic Silver had a negative return on equity of 4.39% and a negative net margin of 15.37%. The company’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period last year, the firm posted ($0.02) EPS. As a group, analysts anticipate that First Majestic Silver will post -0.13 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. raised its holdings in First Majestic Silver by 77.3% in the 3rd quarter. Blue Trust Inc. now owns 5,166 shares of the mining company’s stock worth $31,000 after purchasing an additional 2,253 shares during the period. Dixon Mitchell Investment Counsel Inc. purchased a new stake in First Majestic Silver in the first quarter worth about $48,000. B. Riley Wealth Advisors Inc. bought a new position in shares of First Majestic Silver in the first quarter worth about $62,000. Dark Forest Capital Management LP purchased a new position in shares of First Majestic Silver during the 2nd quarter valued at about $70,000. Finally, Creative Planning bought a new position in shares of First Majestic Silver during the 3rd quarter valued at approximately $72,000. Hedge funds and other institutional investors own 27.16% of the company’s stock.

About First Majestic Silver

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. Its projects include the San Dimas mine covering an area of approximately 71,867 hectares located in Durango State, Mexico; the Santa Elena that covers an area of approximately 102,244 hectares located in Sonora State, México; and the La Encantada covering an area of approximately 4,076 hectares located in Coahuila State, México.