Integra Resources (NYSEAMERICAN:ITRG) Trading 11% Higher - Still a Buy?

Key Points

• Integra Resources shares jumped 11% to about $2.88, while trading volume remained below the stock’s average. The company has a market capitalization of roughly $563 million.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $7.00 target price, although ratings range from HC Wainwright’s $6.75 buy target to Zacks Research’s “Strong Sell” call.
• The company missed quarterly expectations, reporting $0.06 in earnings per share versus $0.07 expected and revenue of $69.42 million versus an $82.69 million estimate. Institutional investors have nevertheless been building positions, collectively owning 26.67% of the stock.

Integra Resources Corp. (NYSEAMERICAN:ITRG - Get Free Report) shares shot up 11% during mid-day trading on Wednesday . The stock traded as high as $2.81 and last traded at $2.8750. Approximately 1,005,326 shares were traded during trading, a decline of 66% from the average session volume of 2,964,581 shares. The stock had previously closed at $2.59.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. HC Wainwright reaffirmed a "buy" rating and set a $6.75 price target on shares of Integra Resources in a research report on Wednesday, August 12th. Zacks Research downgraded Integra Resources from a "hold" rating to a "strong sell" rating in a report on Thursday, July 16th. Finally, Roth Capital set a $5.00 target price on shares of Integra Resources in a report on Monday, July 27th. Three investment 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 company currently has a consensus rating of "Moderate Buy" and a consensus target price of $7.00.

Integra Resources Stock Performance

The stock has a market capitalization of $562.96 million, a price-to-earnings ratio of 69.39 and a beta of 0.86. The company's fifty day simple moving average is $2.36 and its 200 day simple moving average is $2.85. The company has a quick ratio of 3.42, a current ratio of 5.31 and a debt-to-equity ratio of 0.08.

Integra Resources (NYSEAMERICAN:ITRG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). Integra Resources had a net margin of 4.14% and a return on equity of 26.86%. The company had revenue of $69.42 million during the quarter, compared to analyst estimates of $82.69 million. On average, equities research analysts expect that Integra Resources Corp. will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Integra Resources in the second quarter valued at about $7,106,000. Montrusco Bolton Investments Inc. acquired a new stake in Integra Resources during the first quarter worth about $7,195,000. BlackRock Inc. acquired a new stake in Integra Resources during the second quarter worth about $3,939,000. Renaissance Technologies LLC increased its holdings in Integra Resources by 287.8% in the 1st quarter. Renaissance Technologies LLC now owns 2,096,899 shares of the company's stock valued at $5,725,000 after buying an additional 1,556,199 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Integra Resources by 60.9% in the 3rd quarter. Bank of America Corp DE now owns 3,806,494 shares of the company's stock valued at $11,229,000 after buying an additional 1,440,789 shares in the last quarter. Institutional investors 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.

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