Brazil Potash (NYSEAMERICAN:GRO) Coverage Initiated at Canaccord Genuity Group

Key Points

• Canaccord Genuity initiated coverage on Brazil Potash with a “speculative buy” rating and a $5.00 price target, implying about 137% upside from the prior close.
• Other analysts have also been mostly positive on the stock, with three Buy ratings and one Hold, and a consensus price target of $5.00.
• Brazil Potash shares last traded at $2.11, well below the analysts’ targets, while the company’s most recent quarterly report showed EPS of $0.31.

Equities researchers at Canaccord Genuity Group initiated coverage on shares of Brazil Potash (NYSEAMERICAN:GRO - Get Free Report) in a report released on Tuesday, MarketBeat reports. The brokerage set a "speculative buy" rating and a $5.00 price target on the stock. Canaccord Genuity Group's price objective indicates a potential upside of 136.97% from the stock's previous close.

A number of other analysts have also weighed in on the stock. HC Wainwright began coverage on shares of Brazil Potash in a research note on Tuesday, June 16th. They issued a "buy" rating and a $4.75 price target for the company. Roth Capital reissued a "buy" rating and set a $5.25 target price on shares of Brazil Potash in a research note on Wednesday, April 29th. Finally, Zacks Research upgraded Brazil Potash from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Brazil Potash has an average rating of "Moderate Buy" and a consensus price target of $5.00.

Brazil Potash Stock Performance

Shares of NYSEAMERICAN GRO traded down $0.02 during midday trading on Tuesday, reaching $2.11. 23,310 shares of the company's stock were exchanged, compared to its average volume of 627,538. Brazil Potash has a 52-week low of $1.45 and a 52-week high of $3.99. The stock's fifty day moving average price is $2.33.

Brazil Potash (NYSEAMERICAN:GRO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.31 EPS for the quarter.

Institutional Trading of Brazil Potash

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management grew its holdings in Brazil Potash by 223.2% during the 1st quarter. Hollencrest Capital Management now owns 347,435 shares of the company's stock worth $1,126,000 after acquiring an additional 239,936 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Brazil Potash by 130.4% during the first quarter. Renaissance Technologies LLC now owns 344,700 shares of the company's stock valued at $1,117,000 after purchasing an additional 195,100 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Brazil Potash by 5,630.7% during the first quarter. Bank of America Corp DE now owns 156,277 shares of the company's stock valued at $506,000 after purchasing an additional 153,550 shares during the last quarter. Walleye Capital LLC acquired a new stake in shares of Brazil Potash in the first quarter valued at approximately $274,000. Finally, Ferguson Shapiro LLC acquired a new stake in shares of Brazil Potash in the first quarter valued at approximately $45,000.

About Brazil Potash

Brazil Potash Corp is a mineral exploration and development company with a potash mining project located in the state of Amazonas, Brazil. The company's technical operations are based in Autazes, Amazonas, Brazil, and Belo Horizonte, Minas Gerais, Brazil. The operating activities of the company include focusing on the extraction and processing of potash ore from the mines of the Autazes Project and selling and distributing the processed potash in Brazil.

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