Integra Resources (NYSEAMERICAN:ITRG) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Integra Resources from “hold” to “strong sell”, even as other firms such as Roth Capital and HC Wainwright maintained buy ratings.
• The stock was down 1.4% and opened at $2.06, well below its 50-day moving average of $2.46 and 200-day moving average of $3.14.
• Institutional investors have been active in the name, with firms like Renaissance Technologies and Royal Bank of Canada significantly increasing their stakes in the first quarter.

Integra Resources (NYSEAMERICAN:ITRG - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Thursday,Zacks.com reports.

Several other research firms also recently commented on ITRG. Roth Capital restated a "buy" rating and set a $6.00 target price on shares of Integra Resources in a research report on Monday, June 29th. HC Wainwright reiterated a "buy" rating on shares of Integra Resources in a research note on Friday, June 26th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $7.33.

Integra Resources Trading Down 1.4%

NYSEAMERICAN:ITRG opened at $2.06 on Thursday. The company's 50 day moving average is $2.46 and its 200-day moving average is $3.14. The company has a quick ratio of 3.17, a current ratio of 4.96 and a debt-to-equity ratio of 0.10. Integra Resources has a 12 month low of $1.43 and a 12 month high of $4.87. The firm has a market cap of $417.71 million, a price-to-earnings ratio of 51.51 and a beta of 0.85.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its position in Integra Resources by 3,124.0% in the 1st quarter. Royal Bank of Canada now owns 515,455 shares of the company's stock valued at $1,407,000 after acquiring an additional 499,467 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Integra Resources by 14.3% during the first quarter. The Manufacturers Life Insurance Company now owns 1,198,287 shares of the company's stock worth $3,233,000 after purchasing an additional 150,000 shares in the last quarter. Masters Capital Management LLC bought a new stake in shares of Integra Resources during the first quarter valued at approximately $2,730,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Integra Resources in the first quarter valued at approximately $124,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Integra Resources by 287.8% in the first quarter. Renaissance Technologies LLC now owns 2,096,899 shares of the company's stock valued at $5,725,000 after purchasing an additional 1,556,199 shares in the last quarter. Institutional investors and hedge funds own 26.67% of the company's stock.

About Integra Resources

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.

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