Gold Resource (NYSE:GORO) Stock Price Down 1.7% - Time to Sell?

Key Points

• Gold Resource Co. shares experienced a 1.7% decline during mid-day trading, reaching a low of $0.77 before closing at $0.81.
• Wall Street analysts have raised the company’s price target from $1.25 to $1.50 and have issued a "buy" rating for the stock.
• Institutional ownership of Gold Resource is at 18.38%, with significant stakes acquired by firms like MIRAE ASSET GLOBAL and Jane Street Group.

Gold Resource Co. (NYSE:GORO - Get Free Report) fell 1.7% during mid-day trading on Monday . The company traded as low as $0.77 and last traded at $0.81. 1,646,661 shares changed hands during trading, a decline of 37% from the average session volume of 2,625,263 shares. The stock had previously closed at $0.82.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright boosted their price objective on shares of Gold Resource from $1.25 to $1.50 and gave the company a "buy" rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $1.50.

Gold Resource Price Performance

The stock's 50-day moving average price is $0.57 and its 200 day moving average price is $0.55. The firm has a market cap of $110.20 million, a P/E ratio of -1.65 and a beta of 0.83.

Hedge Funds Weigh In On Gold Resource

Institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Gold Resource by 61.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,325,501 shares of the company's stock worth $1,185,000 after buying an additional 881,701 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Gold Resource during the fourth quarter worth about $119,000. Geode Capital Management LLC grew its stake in Gold Resource by 39.9% during the second quarter. Geode Capital Management LLC now owns 1,381,916 shares of the company's stock worth $843,000 after buying an additional 394,028 shares in the last quarter. Jane Street Group LLC grew its stake in Gold Resource by 165.2% during the first quarter. Jane Street Group LLC now owns 474,468 shares of the company's stock worth $242,000 after buying an additional 295,565 shares in the last quarter. Finally, Captrust Financial Advisors acquired a new stake in Gold Resource during the second quarter worth about $56,000. 18.38% of the stock is currently owned by institutional investors and hedge funds.

About Gold Resource

Gold Resource Corporation engages in the exploration, development, and production of gold and silver projects in Mexico and the United States. The company also explores for copper, lead, and zinc deposits. Its principal assets are the 100% owned Don David gold mine and Back Forty project covering approximately 1,304 hectares located in Menominee county, Michigan.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.