Western Copper and Gold (NYSEAMERICAN:WRN) Shares Break Below 50 Day Moving Average - Here's Why

Key Points

• Western Copper and Gold shares fell below their 50-day moving average, dropping as low as $1.77 and last trading at $1.81 on volume of about 2.1 million shares.
• Despite the decline, analysts remain bullish: HC Wainwright and UBS reiterated “Buy” ratings, while the average price target is $5.50 versus the recent share price.
• Institutional ownership stands at 21.96%, with several investors adding to or initiating positions; the company is focused on developing its Casino copper-gold-molybdenum project in Yukon, Canada.

Western Copper and Gold Corporation (NYSEAMERICAN:WRN - Get Free Report) TSE: WRN's share price passed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $2.35 and traded as low as $1.77. Western Copper and Gold shares last traded at $1.81, with a volume of 2,097,300 shares.

Analyst Ratings Changes

Several brokerages recently commented on WRN. HC Wainwright reiterated a "buy" rating and issued a $5.75 target price on shares of Western Copper and Gold in a report on Friday, September 4th. UBS Group restated a "buy" rating and set a $5.25 price target on shares of Western Copper and Gold in a report on Wednesday, August 26th. Two analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $5.50.

Western Copper and Gold Stock Performance

The stock has a fifty day simple moving average of $2.35 and a two-hundred day simple moving average of $2.47. The stock has a market capitalization of $409.57 million, a price-to-earnings ratio of -90.50 and a beta of 1.31.

Hedge Funds Weigh In On Western Copper and Gold

Several institutional investors have recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL grew its position in shares of Western Copper and Gold by 1.2% during the 1st quarter. Gamco Investors INC. ET AL now owns 534,800 shares of the company's stock worth $1,353,000 after buying an additional 6,600 shares during the period. Deutsche Bank AG bought a new stake in shares of Western Copper and Gold in the 2nd quarter valued at $27,000. International Assets Investment Management LLC increased its stake in shares of Western Copper and Gold by 191.2% in the 1st quarter. International Assets Investment Management LLC now owns 53,000 shares of the company's stock valued at $139,000 after acquiring an additional 34,800 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Western Copper and Gold during the 2nd quarter valued at $173,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Western Copper and Gold during the 2nd quarter valued at $223,000. 21.96% of the stock is owned by institutional investors and hedge funds.

About Western Copper and Gold

Western Copper and Gold Corporation is a mineral exploration and development company focused on advancing the Casino Project in Yukon, Canada. The company's primary objective is to develop the project as a potential open-pit mining operation.

The Casino Project is a large copper-gold-molybdenum deposit that also contains silver. Western Copper and Gold is responsible for exploration, engineering, environmental assessment, permitting and other development activities related to the project.

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