Integra Resources (NYSEAMERICAN:ITRG) Shares Down 5.8% - Here's Why

Key Points

• Integra Resources shares fell 5.8% to $2.59, with trading volume 14% above the average session volume.
• Analysts remain broadly optimistic: three rate the stock a Buy and one a Hold, producing a “Moderate Buy” consensus and an average price target of $7.00.
• The company’s latest quarterly results missed expectations, reporting $0.06 earnings per share versus $0.07 expected and revenue of $69.42 million versus the $82.69 million consensus estimate.

Integra Resources Corp. (NYSEAMERICAN:ITRG - Get Free Report) shares were down 5.8% on Monday. The company traded as low as $2.58 and last traded at $2.59. 2,011,600 shares traded hands during mid-day trading, an increase of 14% from the average session volume of 1,760,676 shares. The stock had previously closed at $2.75.

Wall Street Analysts Forecast Growth

ITRG has been the subject of a number of research reports. Roth Capital set a $5.00 target price on shares of Integra Resources in a report on Monday, July 27th. Zacks Research raised shares of Integra Resources from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 25th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $6.75 target price on shares of Integra Resources in a research report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $7.00.

Integra Resources Trading Down 5.8%

The company has a quick ratio of 3.42, a current ratio of 5.31 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average price of $2.62 and a 200-day moving average price of $2.64. The company has a market capitalization of $525.46 million, a price-to-earnings ratio of 64.77 and a beta of 0.91.

Integra Resources (NYSEAMERICAN:ITRG - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The business had revenue of $69.42 million for the quarter, compared to analyst estimates of $82.69 million. Integra Resources had a return on equity of 26.86% and a net margin of 4.14%. Research analysts predict that Integra Resources Corp. will post 0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Integra Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in ITRG. Engineers Gate Manager LP increased its stake in Integra Resources by 21.7% in the second quarter. Engineers Gate Manager LP now owns 56,508 shares of the company's stock valued at $128,000 after acquiring an additional 10,093 shares during the period. Pale Fire Capital SE acquired a new stake in Integra Resources during the 2nd quarter valued at $2,395,000. GTS Securities LLC acquired a new stake in shares of Integra Resources in the second quarter valued at $26,000. Van ECK Associates Corp increased its position in Integra Resources by 2.8% in the 2nd quarter. Van ECK Associates Corp now owns 4,916,009 shares of the company's stock valued at $11,150,000 after acquiring an additional 131,947 shares in the last quarter. Finally, PenderFund Capital Management Ltd. bought a new position in Integra Resources in the 2nd quarter worth approximately $267,000. 26.67% of the stock is owned by institutional investors.

Integra Resources Company Profile

Integra Resources Corp. is a precious metals exploration and development company focused on advancing gold and silver projects in the western United States. The company is listed on the NYSE American under the symbol ITRG and on the TSX Venture Exchange under the symbol ITR.

Integra's principal asset is the DeLamar Project in Owyhee County, Idaho. The project consists of the historic DeLamar and Florida Mountain mining areas, which produced gold and silver in the past. Integra is working to define and expand mineral resources, conduct technical studies, and obtain the approvals needed to evaluate potential future development and production.

Following its acquisition of Millennial Precious Metals, Integra also holds exploration properties in Nevada, including the Wildcat and Mountain View projects.

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