International Tower Hill Mines (NYSE:THM) Shares Gap Up Following Insider Buying Activity

Key Points

• Paulson & Co. Inc. purchased 4,913,665 shares at an average price of $2.56 (≈$12.58M), increasing its holding by 4.93% to 104,486,703 shares; the trade was disclosed in an SEC filing.
• The stock gapped up pre-market, jumping from a $2.58 close to a $2.75 open and last trading at $2.7450 on volume of 326,379 shares.
• International Tower Hill Mines is a mineral exploration company advancing the Livengood gold project in Alaska, with a market cap of about $566.5M and 54.63% institutional ownership.

Shares of International Tower Hill Mines Ltd. (NYSE:THM - Get Free Report) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $2.58, but opened at $2.75. International Tower Hill Mines shares last traded at $2.7450, with a volume of 326,379 shares.

Specifically, major shareholder Paulson & Co. Inc. acquired 4,913,665 shares of the firm's stock in a transaction that occurred on Thursday, April 16th. The stock was purchased at an average price of $2.56 per share, for a total transaction of $12,578,982.40. Following the completion of the acquisition, the insider owned 104,486,703 shares in the company, valued at $267,485,959.68. This trade represents a 4.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

International Tower Hill Mines Price Performance

The company has a market capitalization of $566.49 million, a P/E ratio of -136.25 and a beta of 0.88. The business's 50-day moving average price is $2.60 and its two-hundred day moving average price is $2.23.

Hedge Funds Weigh In On International Tower Hill Mines

Several institutional investors and hedge funds have recently modified their holdings of THM. Ketron Financial acquired a new stake in International Tower Hill Mines during the 4th quarter worth approximately $28,000. Marshall Wace LLP acquired a new position in shares of International Tower Hill Mines in the second quarter valued at approximately $32,000. Tudor Investment Corp ET AL bought a new stake in shares of International Tower Hill Mines during the fourth quarter worth $41,000. XTX Topco Ltd raised its holdings in shares of International Tower Hill Mines by 97.7% during the second quarter. XTX Topco Ltd now owns 59,074 shares of the company's stock worth $51,000 after acquiring an additional 29,186 shares during the period. Finally, StoneX Group Inc. lifted its position in International Tower Hill Mines by 43.3% in the 4th quarter. StoneX Group Inc. now owns 27,389 shares of the company's stock valued at $51,000 after acquiring an additional 8,281 shares in the last quarter. 54.63% of the stock is currently owned by institutional investors and hedge funds.

About International Tower Hill Mines

International Tower Hill Mines Ltd. (NYSE American: THM) is a mineral exploration and development company focused on advancing its flagship Livengood gold project in Alaska, United States. Headquartered in Vancouver, Canada, the company’s primary business activity is the exploration, permitting and feasibility study of the Livengood deposit, which hosts a large-scale, low‐sulfidation gold system. Through systematic drilling programs and resource modeling, International Tower Hill Mines aims to define and expand gold resources while advancing environmental and engineering studies toward a potential mining operation.

The Livengood project, situated approximately 70 miles northwest of Fairbanks, Alaska, has been the focal point of International Tower Hill Mines’ efforts since acquiring the property in 2011.

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.