Short Interest in Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG) Declines By 33.8%

Key Points

• Short interest fell 33.8% to 271,902 shares as of August 31, representing about 0.3% of outstanding shares and a days-to-cover ratio of 0.4.
• Institutional ownership increased, with Tidal Investments raising its stake by 44.1% and several other firms initiating or expanding positions; institutions and hedge funds collectively own 4.51% of the stock.
• Paramount Gold Nevada shares rose 3.9% to $1.33, while the sole covering analyst maintained a Buy rating with a consensus price target of $3.25.

Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG - Get Free Report) was the target of a large decrease in short interest during the month of August. As of August 31st, there was short interest totaling 271,902 shares, a decrease of 33.8% from the August 15th total of 410,698 shares. Based on an average daily trading volume, of 693,697 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.3% of the shares of the stock are short sold.

Hedge Funds Weigh In On Paramount Gold Nevada

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its stake in shares of Paramount Gold Nevada by 44.1% during the second quarter. Tidal Investments LLC now owns 4,553,669 shares of the basic materials company's stock valued at $5,191,000 after acquiring an additional 1,392,617 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Paramount Gold Nevada in the second quarter worth $457,000. Bank of America Corp DE increased its holdings in Paramount Gold Nevada by 9,018.3% in the first quarter. Bank of America Corp DE now owns 140,330 shares of the basic materials company's stock valued at $233,000 after purchasing an additional 138,791 shares during the period. OMERS ADMINISTRATION Corp acquired a new stake in Paramount Gold Nevada in the first quarter valued at $105,000. Finally, Renaissance Technologies LLC raised its position in Paramount Gold Nevada by 11.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,266,824 shares of the basic materials company's stock worth $2,103,000 after purchasing an additional 134,193 shares during the last quarter. 4.51% of the stock is currently owned by institutional investors and hedge funds.

Paramount Gold Nevada Trading Up 3.9%

Shares of NYSEAMERICAN:PZG traded up $0.05 during midday trading on Thursday, hitting $1.33. 170,139 shares of the stock were exchanged, compared to its average volume of 1,007,187. The business's 50-day moving average price is $1.33 and its 200 day moving average price is $1.48. Paramount Gold Nevada has a 12 month low of $0.95 and a 12 month high of $2.71. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.71 and a current ratio of 2.71. The stock has a market capitalization of $114.09 million, a price-to-earnings ratio of -6.05 and a beta of 1.27.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners reiterated a "buy" rating on shares of Paramount Gold Nevada in a research report on Monday, June 22nd. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $3.25.

About Paramount Gold Nevada

Paramount Gold Nevada Corp. is a mineral exploration and development company focused on precious metals projects in the United States. The company's activities include acquiring, evaluating, exploring, and advancing properties with the potential to host gold and other valuable minerals.

Paramount Gold Nevada's principal assets include the Sleeper Gold Project in Humboldt County, Nevada, and the Grassy Mountain Gold Project in Malheur County, Oregon. The Sleeper property is a former producing gold and silver mine that the company is evaluating for potential redevelopment, while Grassy Mountain is an exploration and development project targeting gold and silver mineralization.

The company was previously known as Paramount Gold and Silver Corp.

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.