PEDEVCO (NYSE:PED) Trading Down 2.1% - Time to Sell?

Key Points

• PEDEVCO Corp.'s stock price declined by 2.1% to $0.59, with trading volume significantly lower than the average.
• Analysts are mixed on PEDEVCO, with one research firm issuing a "sell" rating while another has a "buy" rating with a target price of $1.50.
• Citadel Advisors recently increased its holdings in PEDEVCO by 232.5%, suggesting growing institutional interest in the company.

PEDEVCO Corp. (NYSE:PED - Get Free Report)'s share price traded down 2.1% during mid-day trading on Wednesday . The company traded as low as $0.59 and last traded at $0.59. 94,911 shares traded hands during trading, a decline of 47% from the average session volume of 177,675 shares. The stock had previously closed at $0.61.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Zacks Research raised shares of PEDEVCO from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. Wall Street Zen started coverage on shares of PEDEVCO in a research note on Thursday, May 22nd. They issued a "sell" rating on the stock. Finally, D. Boral Capital reissued a "buy" rating and issued a $1.50 target price on shares of PEDEVCO in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, PEDEVCO currently has a consensus rating of "Moderate Buy" and a consensus price target of $1.50.

PEDEVCO Trading Up 0.5%

The company has a market cap of $56.20 million, a PE ratio of 30.57 and a beta of 0.39. The company's 50 day moving average is $0.62 and its 200 day moving average is $0.64.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in PEDEVCO stock. Renaissance Technologies LLC boosted its holdings in shares of PEDEVCO Corp. (NYSE:PED - Free Report) by 19.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,736 shares of the company's stock after acquiring an additional 48,132 shares during the period. Renaissance Technologies LLC owned about 0.33% of PEDEVCO worth $228,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 3.26% of the company's stock.

About PEDEVCO

PEDEVCO Corp., an oil and gas company, focuses on the acquisition, development, and production of oil and natural gas assets in the United States. It holds interests in the Permian Basin asset covering an area of approximately 22,721 net acres located in New Mexico; and D-J Basin asset covering an area of approximately 19,214 net acres located in Wyoming.