Pershing Gold (PGLC) Given Buy Rating at Noble Financial

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Noble Financial reissued their buy rating on shares of Pershing Gold (NASDAQ:PGLC) in a research note published on Friday. They currently have a $4.00 price target on the basic materials company’s stock.

Several other brokerages have also recently weighed in on PGLC. HC Wainwright reiterated a buy rating and issued a $8.75 target price on shares of Pershing Gold in a report on Tuesday, May 8th. Zacks Investment Research cut Pershing Gold from a hold rating to a sell rating in a report on Tuesday, May 22nd.

PGLC opened at $1.17 on Friday. Pershing Gold has a 52-week low of $1.07 and a 52-week high of $3.31. The firm has a market cap of $42.04 million, a P/E ratio of -2.37 and a beta of 0.72.

Pershing Gold (NASDAQ:PGLC) last issued its earnings results on Tuesday, August 14th. The basic materials company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.02). equities analysts expect that Pershing Gold will post -0.44 earnings per share for the current year.

In other news, Director Barry C. Honig bought 125,000 shares of the stock in a transaction on Friday, June 15th. The stock was acquired at an average cost of $2.00 per share, for a total transaction of $250,000.00. Following the acquisition, the director now owns 2,395,600 shares of the company’s stock, valued at $4,791,200. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Barry C. Honig bought 14,714 shares of the stock in a transaction on Thursday, July 5th. The stock was purchased at an average price of $1.71 per share, with a total value of $25,160.94. Following the completion of the acquisition, the director now directly owns 2,395,600 shares in the company, valued at approximately $4,096,476. The disclosure for this purchase can be found here. Insiders acquired a total of 347,568 shares of company stock valued at $657,727 over the last quarter. Company insiders own 37.10% of the company’s stock.

A hedge fund recently bought a new stake in Pershing Gold stock. Raymond James & Associates purchased a new position in Pershing Gold Corp (NASDAQ:PGLC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 42,972 shares of the basic materials company’s stock, valued at approximately $103,000. Raymond James & Associates owned approximately 0.13% of Pershing Gold at the end of the most recent quarter. Hedge funds and other institutional investors own 21.02% of the company’s stock.

About Pershing Gold

Pershing Gold Corporation explores for, develops, and mines gold and precious metals in Nevada. It focuses on the exploration of the Relief Canyon properties covering an area of approximately 29,000 acres located in Pershing County in northwestern Nevada. The Relief Canyon properties include approximately 1,056 owned unpatented mining claims, 120 owned millsite claims, 143 leased unpatented mining claims, and 4,127 acres of leased and 3,739 acres of subleased private lands.

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