HC Wainwright Issues Pessimistic Forecast for Gold Resource (NYSE:GORO) Stock Price

Key Points

• HC Wainwright cut its price target on Gold Resource from $2.00 to $1.75 while maintaining a "buy" rating, implying roughly a 49.6% upside from the current price.
• Shares of GORO opened at $1.17 and were down about 5.6% on the day; the company has a market cap of approximately $189 million and a 1‑year trading range of $0.34–$1.87.
• Several institutional investors have recently added to or trimmed positions, leaving about 18.38% of the stock owned by hedge funds and other institutions.

Gold Resource (NYSE:GORO - Get Free Report) had its price target cut by equities research analysts at HC Wainwright from $2.00 to $1.75 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's price target suggests a potential upside of 49.57% from the stock's current price.

Gold Resource Trading Down 5.6%

Shares of GORO opened at $1.17 on Thursday. The business's 50-day moving average price is $1.44 and its 200 day moving average price is $1.02. The stock has a market capitalization of $189.27 million, a P/E ratio of -2.39 and a beta of 0.81. Gold Resource has a 1-year low of $0.34 and a 1-year high of $1.87.

Hedge Funds Weigh In On Gold Resource

Several institutional investors and hedge funds have recently added to or reduced their stakes in GORO. Captrust Financial Advisors acquired a new stake in Gold Resource during the 2nd quarter valued at $56,000. Alps Advisors Inc. acquired a new stake in shares of Gold Resource in the fourth quarter worth $105,000. Virtu Financial LLC boosted its position in shares of Gold Resource by 123.1% in the third quarter. Virtu Financial LLC now owns 132,471 shares of the company's stock worth $111,000 after buying an additional 73,101 shares during the period. XTX Topco Ltd grew its holdings in shares of Gold Resource by 47.5% during the fourth quarter. XTX Topco Ltd now owns 138,592 shares of the company's stock valued at $115,000 after buying an additional 44,644 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of Gold Resource during the third quarter valued at $359,000. 18.38% of the stock is currently owned by hedge funds and other institutional investors.

About Gold Resource

Gold Resource Corporation NYSE: GORO is a Denver, Colorado–based precious metals producer focused on gold and silver mining and processing. The company's principal operations are located in Oaxaca State, Mexico, where it holds 100% interest in the Arista underground mine and the El Águila tailings reprocessing facility. Gold Resource's Mexican operations are complemented by corporate and administrative offices in Denver and field offices in Mexico City.

At the Arista mine, Gold Resource conducts underground mining of high-grade gold and silver veins, producing doré bars and metal concentrates that are shipped to third-party smelters.

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