Canaccord Genuity analyst Dalton Baretto initiated coverage with a Hold rating on Silvercorp Metals (SVM) on September 11 and set a price target of C$12.00. The company’s shares closed last Friday at $8.06, close to its 52-week high of $8.91.
According to TipRanks.com, Baretto is a 5-star analyst with an average return of 18.8% and a 62.0% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Turquoise Hill Resources, First Quantum Minerals, and Fortuna Silver Mines.
Currently, the analyst consensus on Silvercorp Metals is a Hold with an average price target of $8.48, which is a 3.5% upside from current levels. In a report issued on August 28, PI Financial also maintained a Hold rating on the stock with a C$10.00 price target.
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Based on Silvercorp Metals’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $18.86 million and net profit of $3.16 million. In comparison, last year the company earned revenue of $45.58 million and had a net profit of $12.61 million.
Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SVM in relation to earlier this year.
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Silvercorp Metals, Inc. engages in the development and exploration of mineral properties. It operates through the Mining, and Administrative segments. The Mining segment comprises of the operation in Henan Luoning, Hunan, Guangdong, and other. The Administrative segment covers operation in Vancouver, and Beijing. The company was founded by Rui Feng on October 31, 1991 and is headquartered in Vancouver, Canada.
