Integra Resources (NYSEAMERICAN:ITRG) Shares Up 5.8% - Here's Why

Key Points

• Shares rose 5.8% to $2.655 on Friday with about 1.28 million shares traded, roughly 56% below the stock's average daily volume, suggesting the price move occurred on lighter-than-normal volume.
• Analyst sentiment is bullish with three analysts rating the stock Buy and an average price target of $7.75 (individual targets include Canaccord $9.25, Roth MKM $7, and HC Wainwright $7 after a cut).
• Integra is a mineral exploration company with a market cap of $522.2M, a negative P/E and minimal debt (debt-to-equity 0.02), and its flagship asset is the DeLamar Gold-Silver Project in Idaho aimed at advancing toward potential production.

Integra Resources Corp. (NYSEAMERICAN:ITRG - Get Free Report) shares rose 5.8% during trading on Friday . The company traded as high as $2.65 and last traded at $2.6550. Approximately 1,284,591 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 2,939,062 shares. The stock had previously closed at $2.51.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Roth Mkm set a $7.00 price objective on Integra Resources in a report on Tuesday, January 27th. Canaccord Genuity Group began coverage on shares of Integra Resources in a research note on Monday, January 12th. They issued a "moderate buy" rating and a $9.25 price target for the company. Finally, HC Wainwright cut their price target on shares of Integra Resources from $7.25 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, February 24th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $7.75.

Integra Resources Trading Up 3.0%

The company has a market cap of $522.20 million, a P/E ratio of -257.50 and a beta of 0.68. The business has a fifty day simple moving average of $3.70 and a 200 day simple moving average of $3.47. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.05 and a current ratio of 1.58.

Hedge Funds Weigh In On Integra Resources

Hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd bought a new stake in Integra Resources during the fourth quarter valued at $29,000. Independent Advisor Alliance acquired a new position in shares of Integra Resources in the 4th quarter valued at about $40,000. Hohimer Wealth Management LLC acquired a new position in shares of Integra Resources in the 4th quarter valued at about $40,000. Brookstone Capital Management bought a new stake in shares of Integra Resources during the 4th quarter valued at about $41,000. Finally, Bank of America Corp DE grew its position in shares of Integra Resources by 336.4% during the 4th quarter. Bank of America Corp DE now owns 46,697 shares of the company's stock valued at $41,000 after buying an additional 35,997 shares during the last quarter. Institutional investors and hedge funds own 26.67% of the company's stock.

Integra Resources Company Profile

Integra Resources Corp. is a mineral exploration and development company focused on the acquisition, characterization and advancement of precious metals projects in North America. The company's flagship asset is the DeLamar Gold-Silver Project in southwestern Idaho, a historic mining district that produced both gold and silver from the late 19th century through the mid-20th century. Integra's business model emphasizes resource delineation, metallurgical optimization and progression through permitting and engineering phases toward potential production.

Since its incorporation in 2017, Integra Resources has undertaken multiple drilling campaigns and metallurgical studies aimed at upgrading and expanding the known mineral inventory at DeLamar.

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.