Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG) Short Interest Up 56.1% in August

Key Points

• Paramount Gold Nevada Corp. experienced a significant increase in short interest, rising by 56.1% in August, from 372,900 shares to 582,100 shares.
• The company's stock is currently trading at $1.04, with a market capitalization of $74.31 million and a consensus rating of "Buy" from analysts, who set an average price target of $1.70.
• Institutional investors have shown interest, with Osaic Holdings Inc. increasing its stake in the company by 531.1% in the second quarter, reflecting growing institutional confidence in Paramount Gold Nevada.

Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG - Get Free Report) was the recipient of a large increase in short interest in August. As of August 15th, there was short interest totaling 582,100 shares, anincreaseof56.1% from the July 31st total of 372,900 shares. Based on an average daily volume of 409,900 shares, the days-to-cover ratio is presently 1.4 days. Based on an average daily volume of 409,900 shares, the days-to-cover ratio is presently 1.4 days.

Paramount Gold Nevada Stock Performance

PZG remained flat at $1.04 during trading on Friday. 526,056 shares of the company traded hands, compared to its average volume of 864,193. The company has a debt-to-equity ratio of 0.45, a quick ratio of 4.30 and a current ratio of 4.30. The firm has a market capitalization of $74.31 million, a P/E ratio of -8.00 and a beta of 1.23. Paramount Gold Nevada has a 52 week low of $0.31 and a 52 week high of $1.20. The stock has a 50-day simple moving average of $0.75.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. lifted its stake in Paramount Gold Nevada by 531.1% in the second quarter. Osaic Holdings Inc. now owns 67,095 shares of the basic materials company's stock worth $41,000 after acquiring an additional 56,463 shares during the period. Captrust Financial Advisors bought a new position in shares of Paramount Gold Nevada during the second quarter valued at approximately $77,000. Tidal Investments LLC purchased a new position in Paramount Gold Nevada during the fourth quarter valued at approximately $282,000. Finally, Geode Capital Management LLC raised its stake in Paramount Gold Nevada by 6.0% in the second quarter. Geode Capital Management LLC now owns 607,801 shares of the basic materials company's stock worth $373,000 after buying an additional 34,614 shares in the last quarter. Hedge funds and other institutional investors own 4.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PZG shares. Alliance Global Partners reiterated a "buy" rating on shares of Paramount Gold Nevada in a research note on Monday, July 14th. Industrial Alliance Securities set a $1.70 price target on shares of Paramount Gold Nevada in a report on Monday, July 14th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $1.70.

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.

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