HC Wainwright Issues Pessimistic Forecast for Integra Resources (NYSEAMERICAN:ITRG) Stock Price

Key Points

• HC Wainwright lowered its price target for Integra Resources from $6.75 to $6.50 but maintained a “Buy” rating, implying roughly 193% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with an average target of $6.92.
• Integra shares fell 2% to $2.21, below both their 50-day and 200-day moving averages. The stock has traded between $1.99 and $4.87 over the past year.
• The company’s latest quarterly results fell short of expectations, reporting $0.06 in earnings per share versus $0.07 expected and revenue of $69.42 million versus an $82.69 million consensus estimate.

Integra Resources (NYSEAMERICAN:ITRG - Get Free Report) had its price target lowered by analysts at HC Wainwright from $6.75 to $6.50 in a research note issued on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's price objective would suggest a potential upside of 193.45% from the stock's previous close.

A number of other brokerages have also commented on ITRG. Zacks Research upgraded Integra Resources from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 25th. Roth Capital set a $5.00 target price on shares of Integra Resources in a research note on Monday, July 27th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Integra Resources currently has an average rating of "Moderate Buy" and an average price target of $6.92.

Integra Resources Trading Down 2.0%

ITRG stock traded down $0.04 during trading on Friday, hitting $2.21. The company had a trading volume of 770,240 shares, compared to its average volume of 2,707,244. The firm has a 50-day moving average price of $2.69 and a 200-day moving average price of $2.59. Integra Resources has a 12 month low of $1.99 and a 12 month high of $4.87. The company has a quick ratio of 3.42, a current ratio of 5.31 and a debt-to-equity ratio of 0.08. The stock has a market cap of $449.38 million, a price-to-earnings ratio of 55.39 and a beta of 0.86.

Integra Resources (NYSEAMERICAN:ITRG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The firm had revenue of $69.42 million during the quarter, compared to the consensus estimate of $82.69 million. Integra Resources had a net margin of 4.14% and a return on equity of 26.86%. As a group, analysts predict that Integra Resources will post 0.27 earnings per share for the current year.

Institutional Investors Weigh In On Integra Resources

Several hedge funds have recently bought and sold shares of ITRG. Montrusco Bolton Investments Inc. bought a new stake in shares of Integra Resources in the 1st quarter valued at $7,195,000. U S Global Investors Inc. bought a new position in shares of Integra Resources during the 3rd quarter valued at about $6,173,000. BlackRock Inc. bought a new position in shares of Integra Resources during the 2nd quarter valued at about $3,939,000. Renaissance Technologies LLC boosted its holdings in shares of Integra Resources by 287.8% in the first quarter. Renaissance Technologies LLC now owns 2,096,899 shares of the company's stock valued at $5,725,000 after buying an additional 1,556,199 shares during the period. Finally, Bank of America Corp DE bought a new stake in Integra Resources in the 2nd quarter valued at $2,569,000. 26.67% of the stock is currently owned by institutional investors and hedge funds.

About Integra Resources

Integra Resources Corp. is a precious metals exploration and development company focused on gold and silver projects in the western United States. The company's activities include mineral exploration, resource evaluation, project permitting and the advancement of potential mining operations.

Integra's flagship asset is the DeLamar Project in southwestern Idaho, which includes the historic DeLamar and Florida Mountain mining areas. The district was previously mined for gold and silver, and Integra has worked to assess its remaining mineral resources and evaluate the potential for redevelopment using modern mining and processing methods.

The company has also pursued exploration and development opportunities in Nevada, including the Nevada North Project.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.