H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating on General Moly Inc (GMO) today and set a price target of $0.75. The company’s shares closed yesterday at $0.21.
Ihle noted:
“We note that General Moly has ended 3Q18 with $1.7 million in cash and cash equivalents, though this was prior to the firm’s equity offering in October that provided the company with $1.9 million in net proceeds. Ongoing exploration program yields additional high-grade results. The firm announced additional results from its 11-hole drill program at Mt. Hope last month, including several high-grade zinc and copper- silver intercepts. These results followed impressive initial results from the program, which we discussed in a prior note on September 5, 2018, titled, “Drill at Mt. Hope; Reiterate Buy”. We highlight hole MH-251, which returned an impressive 50 feet of 8.72% zinc starting at a depth of 76 feet, including 20 feet of 13% zinc from a depth of 86 feet.”
According to TipRanks.com, Ihle is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -10.9% and a 22.8% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.
Currently, the analyst consensus on General Moly Inc is a Moderate Buy with an average price target of $0.75.
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Based on General Moly Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $2.93 million. In comparison, last year the company had a GAAP net loss of $2.16 million.
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General Moly, Inc. engages in the exploration, development, and mining of properties primarily containing molybdenum. Its properties include the Mount Hope and Liberty molybdenum projects. The company was founded on November 23, 1925 and is headquartered in Lakewood, CO.
