PEDEVCO (NYSE:PED) Shares Up 1.6% - Here's Why

Key Points

• PEDEVCO Corp. shares rose by 1.6% to $0.62, although trading volume significantly decreased by 58% from the average.
• Citadel Advisors LLC increased its position in PEDEVCO by 232.5% during the fourth quarter, acquiring an additional 130,349 shares.
• Wall Street analysts have mixed views on PEDEVCO, with a recent report from D. Boral Capital maintaining a "buy" rating and setting a price target of $1.50, while Wall Street Zen initiated coverage with a "sell" rating.

Shares of PEDEVCO Corp. (NYSE:PED - Get Free Report) were up 1.6% during trading on Tuesday . The stock traded as high as $0.62 and last traded at $0.62. Approximately 78,012 shares were traded during trading, a decline of 58% from the average daily volume of 186,891 shares. The stock had previously closed at $0.61.

Wall Street Analyst Weigh In

Several research analysts have commented on PED shares. Wall Street Zen started coverage on shares of PEDEVCO in a research note on Thursday, May 22nd. They set a "sell" rating on the stock. D. Boral Capital reissued a "buy" rating and set a $1.50 price target on shares of PEDEVCO in a research note on Tuesday, May 20th.

PEDEVCO Price Performance

The firm's 50 day simple moving average is $0.65 and its 200 day simple moving average is $0.66. The stock has a market capitalization of $56.92 million, a PE ratio of 31.01 and a beta of 0.39.

Institutional Inflows and Outflows

An institutional investor recently raised its position in PEDEVCO stock. Renaissance Technologies LLC increased its position in PEDEVCO Corp. (NYSE:PED - Free Report) by 19.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 292,736 shares of the company's stock after buying an additional 48,132 shares during the quarter. Renaissance Technologies LLC owned 0.33% of PEDEVCO worth $228,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 3.26% of the company's stock.

PEDEVCO Company Profile

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.