PenderFund Capital Management Ltd. Invests $900,000 in Western Copper and Gold Corporation $WRN

Key Points

• PenderFund Capital Management initiated a position in Western Copper and Gold during the second quarter, purchasing 401,445 shares valued at approximately $900,000, or 0.18% of the company.
• Institutional ownership has been growing, with Bank of America, Arrowstreet Capital, Euro Pacific Asset Management and others adding or initiating positions; institutions and hedge funds collectively own 21.96% of the stock.
• Analysts remain positive on WRN, with HC Wainwright and UBS maintaining “Buy” ratings and a consensus price target of $5.50. Shares opened at $2.59, compared with a 52-week range of $1.38 to $4.26.

PenderFund Capital Management Ltd. bought a new position in Western Copper and Gold Corporation (NYSEAMERICAN:WRN - Free Report) TSE: WRN during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 401,445 shares of the company's stock, valued at approximately $900,000. PenderFund Capital Management Ltd. owned about 0.18% of Western Copper and Gold as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE acquired a new stake in shares of Western Copper and Gold in the 2nd quarter worth about $5,229,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Western Copper and Gold by 1,464.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,654,741 shares of the company's stock valued at $4,197,000 after buying an additional 1,548,938 shares during the last quarter. Euro Pacific Asset Management LLC raised its holdings in shares of Western Copper and Gold by 133.9% during the first quarter. Euro Pacific Asset Management LLC now owns 2,421,617 shares of the company's stock valued at $5,999,000 after buying an additional 1,386,111 shares during the last quarter. Auxano Advisors LLC acquired a new position in shares of Western Copper and Gold during the fourth quarter worth approximately $2,456,000. Finally, Walleye Capital LLC acquired a new position in shares of Western Copper and Gold during the first quarter worth approximately $2,249,000. 21.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on WRN. HC Wainwright reissued a "buy" rating on shares of Western Copper and Gold in a report on Tuesday, June 30th. UBS Group reaffirmed a "buy" rating and set a $5.25 target price on shares of Western Copper and Gold in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $5.50.

Western Copper and Gold Price Performance

WRN opened at $2.59 on Friday. The business has a 50 day moving average price of $2.27 and a two-hundred day moving average price of $2.63. The company has a market capitalization of $584.93 million, a price-to-earnings ratio of -129.50 and a beta of 1.27. Western Copper and Gold Corporation has a 1-year low of $1.38 and a 1-year high of $4.26.

Western Copper and Gold Profile

Western Copper and Gold Corporation is a Canada-based mineral exploration and development company focused on advancing one of the world's largest undeveloped copper-gold deposits. Listed on the NYSE American under the symbol WRN, the company's primary asset is the Casino Project, located in the Yukon Territory of northern Canada. Western Copper and Gold's activities are centered on resource definition, engineering studies, environmental assessment and community engagement to prepare the deposit for eventual production.

The Casino Project comprises multiple porphyry-style mineralized zones containing copper, gold, molybdenum and silver.

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