Short Interest in Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG) Drops By 34.5%

Key Points

• Paramount Gold Nevada Corp. experienced a significant drop in short interest, decreasing by 34.5% from 582,100 shares to 381,500 shares in August.
• Hedge funds have shown increasing interest, with Tidal Investments and Osaic Holdings significantly expanding their positions in the company.
• Current analysts rate PZG as a "Buy" with an average price target of $1.70, reflecting positive market sentiment.

Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG - Get Free Report) was the target of a large decline in short interest in August. As of August 31st, there was short interest totaling 381,500 shares, a decline of 34.5% from the August 15th total of 582,100 shares. Approximately 0.6% of the shares of the stock are short sold. Based on an average trading volume of 531,700 shares, the days-to-cover ratio is presently 0.7 days. Based on an average trading volume of 531,700 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.6% of the shares of the stock are short sold.

Institutional Trading of Paramount Gold Nevada

Several institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its position in shares of Paramount Gold Nevada by 6.0% during the 2nd quarter. Geode Capital Management LLC now owns 607,801 shares of the basic materials company's stock valued at $373,000 after acquiring an additional 34,614 shares during the last quarter. Osaic Holdings Inc. raised its position in shares of Paramount Gold Nevada by 531.1% during the 2nd quarter. Osaic Holdings Inc. now owns 67,095 shares of the basic materials company's stock valued at $41,000 after acquiring an additional 56,463 shares during the last quarter. Tidal Investments LLC raised its position in shares of Paramount Gold Nevada by 11.3% during the 2nd quarter. Tidal Investments LLC now owns 997,102 shares of the basic materials company's stock valued at $611,000 after acquiring an additional 101,180 shares during the last quarter. Finally, Captrust Financial Advisors bought a new stake in shares of Paramount Gold Nevada during the 2nd quarter valued at $77,000. Institutional investors own 4.51% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on PZG shares. Industrial Alliance Securities set a $1.70 target price on Paramount Gold Nevada in a report on Monday, July 14th. Alliance Global Partners restated a "buy" rating on shares of Paramount Gold Nevada in a research report on Monday, July 14th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $1.70.

Paramount Gold Nevada Trading Up 2.3%

Shares of Paramount Gold Nevada stock traded up $0.03 on Friday, hitting $1.14. 94,399 shares of the company's stock traded hands, compared to its average volume of 355,074. The firm's 50-day moving average price is $0.82 and its two-hundred day moving average price is $0.60. The stock has a market capitalization of $81.10 million, a PE ratio of -8.73 and a beta of 1.23. Paramount Gold Nevada has a one year low of $0.31 and a one year high of $1.20. The company has a debt-to-equity ratio of 0.45, a current ratio of 4.30 and a quick ratio of 4.30.

About Paramount Gold Nevada

Paramount Gold Nevada Corp., together with its subsidiaries, engages in the acquisition, exploration, and development of precious metal properties in the United States. The company primarily explores for gold and silver deposits. It holds principal interest in the Sleeper gold project, which comprises 2,474 unpatented mining claims totaling approximately 44,917 acres located in Humbolt County, Nevada.