In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on General Moly Inc (NYSE: GMO), with a price target of $0.75. The company’s shares closed yesterday at $0.37.
Ihle noted:
“We note this burn rate excludes the current Cu-Ag Target drill program at Mt. Hope. Total cash expenditures for 2Q18 totaled $2.1 million, comprised of $0.6 million related to costs at Mt. Hope and $1.4 million for G&A expenses. We believe the firm has sufficient funds to cover corporate needs, exploration expenses, and expenses related to the Liberty Project all the way into 1Q19 if necessary. We also highlight that the firm has several options at its disposal to improve liquidity if needed. Moly prices continue to pick up steam. The moly price averaged $11.52 per pound in the past month, for a YoY increase of 57%. The moly price has also stayed above $10.00 throughout 1H18, despite increased volatility that pushed prices to as low as $10.60 per pound in late-June and up to $13.00 per pound in early-March.”
According to TipRanks.com, Ihle is a 2-star analyst with an average return of 0.2% and a 31.4% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for General Moly Inc with a $0.75 average price target.
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The company has a one-year high of $0.51 and a one-year low of $0.28. Currently, General Moly Inc has an average volume of 88.27K.
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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.
