Paramount Gold Nevada (NYSEAMERICAN:PZG) Shares Down 3.4% - Here's Why

Key Points

• Shares down 3.4% — Paramount Gold Nevada traded down to $1.73 mid-day (low $1.70) on 493,406 shares, about 19% below its average session volume and versus a prior close of $1.79.
• Analysts hold a consensus Buy rating with a consensus target price of $3.25, signaling notable upside from current levels.
• Institutional buying increased in Q4 — Renaissance Technologies raised its stake to 1.13M shares and Jane Street boosted holdings by 502.5% — though institutions still own just 4.51% of the stock.

Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG - Get Free Report)'s stock price traded down 3.4% during mid-day trading on Monday . The company traded as low as $1.70 and last traded at $1.73. 493,406 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 607,123 shares. The stock had previously closed at $1.79.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. iA Financial set a $3.25 price objective on shares of Paramount Gold Nevada in a research note on Monday, February 2nd. Alliance Global Partners reaffirmed a "buy" rating on shares of Paramount Gold Nevada in a research note on Monday, February 2nd. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $3.25.

Paramount Gold Nevada Trading Down 3.4%

The business's 50 day simple moving average is $2.01 and its two-hundred day simple moving average is $1.54. The stock has a market cap of $144.99 million, a P/E ratio of -8.65 and a beta of 1.43. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66.

Institutional Trading of Paramount Gold Nevada

Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC lifted its holdings in shares of Paramount Gold Nevada by 29.3% during the fourth quarter. Renaissance Technologies LLC now owns 1,132,631 shares of the basic materials company's stock worth $1,427,000 after purchasing an additional 256,431 shares during the period. NewEdge Advisors LLC acquired a new position in shares of Paramount Gold Nevada during the fourth quarter worth $207,000. Hollencrest Capital Management acquired a new position in shares of Paramount Gold Nevada during the fourth quarter worth $181,000. Captrust Financial Advisors acquired a new position in shares of Paramount Gold Nevada during the second quarter worth $77,000. Finally, Jane Street Group LLC lifted its holdings in shares of Paramount Gold Nevada by 502.5% during the fourth quarter. Jane Street Group LLC now owns 143,612 shares of the basic materials company's stock worth $181,000 after purchasing an additional 119,775 shares during the period. Institutional investors own 4.51% of the company's stock.

About Paramount Gold Nevada

Paramount Gold Nevada is a publicly traded mineral exploration and development company focused on precious metal properties in Nevada. The company's core business activities include the acquisition, exploration, evaluation and advancement of gold and silver prospects. Utilizing modern geological, geochemical and geophysical survey techniques, Paramount seeks to delineate high-grade mineral resources and position its assets for potential future production or strategic partnerships with established mining operators.

Paramount's portfolio encompasses several key projects across Nevada's prolific mineral belts, including the historic Sleeper gold mine in Humboldt County, the Scossa epithermal gold system in Pershing County and the San Miguel gold-silver district in Mineral County.

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