MAG Silver (NYSEAMERICAN:MAG) Stock Price Expected to Rise, HC Wainwright Analyst Says

MAG Silver (NYSEAMERICAN:MAG) had its price target boosted by equities researchers at HC Wainwright from $18.00 to $20.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 31.71% from the company’s current price. HC Wainwright also issued estimates for MAG Silver’s FY2024 earnings at $0.74 EPS and FY2025 earnings at $0.75 EPS.

MAG has been the topic of a number of other reports. StockNews.com raised shares of MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Scotiabank lifted their price target on shares of MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Roth Capital lowered MAG Silver from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Roth Mkm downgraded MAG Silver from a “buy” rating to a “neutral” rating and lifted their target price for the company from $17.00 to $17.50 in a research report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, MAG Silver currently has a consensus rating of “Hold” and a consensus price target of $18.38.

MAG Silver Stock Up 2.9 %

MAG stock opened at $15.19 on Wednesday. MAG Silver has a 1 year low of $8.19 and a 1 year high of $18.27. The company has a market capitalization of $1.57 billion, a PE ratio of 20.82 and a beta of 1.12.

MAG Silver (NYSEAMERICAN:MAG) last issued its earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.02. Equities research analysts predict that MAG Silver will post 0.71 EPS for the current fiscal year.

Hedge Funds Weigh In On MAG Silver

Hedge funds have recently made changes to their positions in the stock. Perritt Capital Management Inc. purchased a new position in MAG Silver during the 1st quarter valued at about $26,000. Capital Performance Advisors LLP purchased a new position in shares of MAG Silver in the third quarter valued at approximately $28,000. Quantbot Technologies LP acquired a new position in shares of MAG Silver in the third quarter valued at approximately $52,000. Addenda Capital Inc. purchased a new stake in MAG Silver during the 2nd quarter worth approximately $123,000. Finally, Pekin Hardy Strauss Inc. acquired a new stake in MAG Silver during the 3rd quarter worth approximately $140,000. Hedge funds and other institutional investors own 52.50% of the company’s stock.

MAG Silver Company Profile

MAG Silver Corp. develops and explores for precious metal properties in Canada. It explores for silver, gold, lead, copper, and zinc deposits. The company's flagship property is the 44% owned Juanicipio property located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp. is headquartered in Vancouver, Canada.