Pershing Gold (PGLC) Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Pershing Gold (NASDAQ:PGLC) from a buy rating to a hold rating in a research report sent to investors on Wednesday, December 20th.

According to Zacks, “Pershing Gold Corporation is engaged in the exploration and development of gold and precious metal properties primarily in Nevada. The Company focuses on the exploration of Relief Canyon properties located in Pershing County in northwestern Nevada. Pershing Gold Corporation is based in Lakewood, Colorado. “

PGLC has been the topic of a number of other reports. HC Wainwright reiterated a buy rating and issued a $10.00 target price on shares of Pershing Gold in a research note on Tuesday, October 31st. Noble Financial reiterated a buy rating on shares of Pershing Gold in a research note on Wednesday, November 15th.

Pershing Gold (NASDAQ:PGLC) opened at $2.40 on Wednesday. Pershing Gold has a one year low of $2.26 and a one year high of $3.40. The stock has a market capitalization of $85.19, a price-to-earnings ratio of -4.53 and a beta of 0.88.

Pershing Gold (NASDAQ:PGLC) last announced its quarterly earnings data on Monday, November 13th. The basic materials company reported ($0.09) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.01. sell-side analysts forecast that Pershing Gold will post -0.45 EPS for the current fiscal year.

In other Pershing Gold news, Director Barry C. Honig purchased 18,100 shares of the stock in a transaction dated Friday, December 22nd. The shares were bought at an average cost of $2.38 per share, with a total value of $43,078.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Barry C. Honig purchased 15,000 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were acquired at an average cost of $2.41 per share, for a total transaction of $36,150.00. Following the completion of the acquisition, the director now directly owns 2,386,313 shares of the company’s stock, valued at approximately $5,751,014.33. The disclosure for this purchase can be found here. Insiders acquired 315,912 shares of company stock worth $836,723 over the last quarter. 36.80% of the stock is currently owned by company insiders.

An institutional investor recently raised its position in Pershing Gold stock. Vanguard Group Inc. grew its holdings in shares of Pershing Gold Corp (NASDAQ:PGLC) by 5.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 614,718 shares of the basic materials company’s stock after purchasing an additional 29,018 shares during the period. Vanguard Group Inc. owned approximately 2.16% of Pershing Gold worth $1,715,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 19.49% of the company’s stock.

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Pershing Gold Company Profile

Pershing Gold Corporation is a gold and precious metals exploration company. The Company focuses on exploration, development and mining opportunities in Nevada. The Company is focused on exploration at its Relief Canyon properties in Pershing County in northwestern Nevada. The Company operates its business directly and also through its subsidiary, Gold Acquisition Corp.

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