In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on Gold Resource Corp (GORO), with a price target of $7.75. The company’s shares closed yesterday at $3.77.
Ihle noted:
“We note that our FY19 production estimates for the Oaxaca Mining Unit have increased from 26.9Moz to 28.2Moz given the strong results during 2Q19. Considering 2H19 operational expectations, management has also stated the likelihood of increasing its global production outlook upon reaching commercial production at Isabella Pearl. Isabella Pearl contributes meaningfully to 2Q19 production. Pearl produced 1,678 oz of gold and 972 oz of silver. We note that these figures represent 18% of consolidated gold production. While clearly still in the ramp up stage, we highlight the firm’s seamless transition towards commercial production at the asset and fully anticipate production at site to increase QoQ for the remainder of FY19.”
According to TipRanks.com, Ihle is a 4-star analyst with an average return of 5.0% and a 51.7% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.
Gold Resource Corp has an analyst consensus of Moderate Buy, with a price target consensus of $7.13.
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Gold Resource Corp’s market cap is currently $231.8M and has a P/E ratio of 49.93. The company has a Price to Book ratio of 1.67.
Based on the recent corporate insider activity of 24 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.
