H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating on Pershing Gold Corp (NASDAQ: PGLC) today and set a price target of $6. The company’s shares closed yesterday at $1.92, close to its 52-week low of $1.80.
“We also note that low LOM sustaining capital, which is expected to reach $14.8M contributed to projected average LOM AISC reaching $801 per ounce. In our view, completion of a FS should further de-risk the project, and help Pershing to finalize a financing package in order to begin production at Relief Canyon. We also believe that the project’s low initial capital and strong economics at current metals prices, coupled with a prime location in Nevada bearing few geopolitical risks, should support the firm. Slightly improved economics from the 2017 Pre-Feasibility Study (PFS). Relief Canyon’s economics improved slightly from the 2017 PFS, which contained an after-tax NPV of $126M and an IRR of 85%, despite the increased level of detail required to complete the FS relative to a PFS.”
According to TipRanks.com, Ihle is a 4-star analyst with an average return of 7.3% and a 47.1% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Northern Dynasty Minerals.
Currently, the analyst consensus on Pershing Gold Corp is Moderate Buy and the average price target is $5.75, representing a 199.5% upside.
In a report issued on May 16, Noble Financial also assigned a Buy rating to the stock with a $5.50 price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $3.31 and a one-year low of $1.80. Currently, Pershing Gold Corp has an average volume of 60.93K.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PGLC in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Pershing Gold Corp. is a gold and precious metals exploration company, which engages in exploration, development and mining opportunities in Nevada. It focuses on exploration at Relief Canyon properties in Pershing County in northwestern Nevada. The company was founded on August 2, 2007 and is headquartered in Lakewood, CO.