PEDEVCO (NYSE:PED) Stock Price Up 1.6% - Still a Buy?

Key Points

• PEDEVCO Corp.'s share price rose by 1.6%, trading between $0.61 and $0.62 during the day, although trading volume dropped significantly by 74% compared to average sessions.
• While analysts have varying opinions on PEDEVCO, the stock currently holds a consensus rating of "Moderate Buy" with a price target of $1.50.
• Institutional investment increased as Citadel Advisors LLC raised its stake in PEDEVCO by 232.5%, now owning 0.21% of the company valued at approximately $145,000.

Shares of PEDEVCO Corp. (NYSE:PED - Get Free Report) traded up 1.6% during trading on Thursday . The company traded as high as $0.62 and last traded at $0.61. 45,912 shares changed hands during trading, a decline of 74% from the average session volume of 175,058 shares. The stock had previously closed at $0.60.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of PEDEVCO from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $1.50.

PEDEVCO Price Performance

The stock has a market capitalization of $53.35 million, a PE ratio of 29.01 and a beta of 0.15. The firm's 50 day simple moving average is $0.61 and its 200 day simple moving average is $0.63.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in PEDEVCO stock. Citadel Advisors LLC lifted its position in PEDEVCO Corp. (NYSE:PED - Free Report) by 232.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 186,415 shares of the company's stock after purchasing an additional 130,349 shares during the period. Citadel Advisors LLC owned about 0.21% of PEDEVCO worth $145,000 as of its most recent SEC filing. Institutional investors and hedge funds 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.