H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating on Gold Resource Corp (GORO) today and set a price target of $7.75. The company’s shares closed yesterday at $3.70.
Ihle observed:
“We highlight the Arista Mine improved its YoY throughput by 14%, thereby reaching record levels combined with record copper, lead, and zinc production. Overall, the favorable benefit of higher production was somewhat offset by a 35% YoY decline in silver grades. Lower earnings were a result of the firm’s mine gross profit falling by $3M YoY, or 32%, which was attributable to higher treatment charges, lower metals sales, and higher production costs. This was partially offset by lower exploration expenses ($0.6M vs. $1.3M) and other income of $0.1M vs. other expense of $0.5M YoY.”
According to TipRanks.com, Ihle is a 5-star analyst with an average return of 7.1% and a 53.1% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Americas Silver Corporation, Golden Star Resources Ltd, and Northern Dynasty Minerals.
Currently, the analyst consensus on Gold Resource Corp is a Moderate Buy with an average price target of $7.13.
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Based on Gold Resource Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $882K. In comparison, last year the company had a net profit of $3.75 million.
Based on the recent corporate insider activity of 19 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 GORO in relation to earlier this year.
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Gold Resource Corp. is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada. It engages in the exploration, development, and production of metal concentrates and dore. Its products include gold, silver, copper, lead, and zinc.
